Trump, Xi and Draghi drive Wall Street out of the blues

The stock exchanges in New York closed Tuesday with substantial gains. Investor sentiment was fueled by hopeful reports about the trade dispute between the United States and China. The attention on Wall Street also went to President Mario Draghi of the European Central Bank (ECB), who said he was prepared to take more incentive measures.

The leading Dow-Jones index finished 1.4 percent higher at 26,465.54 points. The broader S&P 500 went up 1 percent to 2,917.75 points. Nasdaq tech fair was set 1.4 percent higher at 7953.88 points.

President Donald Trump said he will talk to his Chinese counterpart Xi Jinping in the margins of the G20 summit in Japan about the trade dispute between the US and China. Xi said he agreed that the countries should keep talking to each other.

Draghi said that the ECB can take extra steps if economic expectations do not improve. Monetary instruments include interest rate cuts and buy-back programs.

Boeing was able to report good news from the Paris air show and rose 5.4 percent. The first orders were received by the American aircraft manufacturer, including from Korean Air and IAG. The latter ordered a considerable amount of 737 MAX aircraft. Boeing is still struggling with the aftermath of the problems with the 737 MAX devices, which are being held to the ground worldwide for safety reasons after two accidents in a short time.

Snap, the company behind message app Snapchat, rose 9.7 percent in value. Investors responded to a positive analyst report. Tesla fell 0.1 percent after reports that the company was not achieving its own production goals.

Facebook was also in the spotlight after the unveiling of its own crypto coin. The cryptomunt will be named Libra and should be available in Messenger and WhatsApp from next year. Users can make purchases with it. The share fell 0.3 percent after a positive opening.

The euro was worth $ 1,1198 compared to $ 1,1189 earlier in the day when the European markets were closed. The price of a barrel of American oil rose 4.1 percent to $ 54.08. Brent oil became 2.2 percent more expensive at $ 62.30 a barrel.

You might also like More from author

Comments are closed.