Wall Street closes stable after gaining for 6 consecutive sessions

2019-06-11 21:10:29 GMT (Economies.com)
Wall Street closes stable after gaining for 6 consecutive sessions

US stocks on Wall Street ended a near-stable session on Tuesday after a wave of gains that continued for six straight sessions, with little profit-taking activity, as investors assessed the developments in the US-China trade war.

 

Dow Jones industrial average fell down 14.17 points, or 0.05% to 26,048.51, Standard & Poor's 500 Index fell 1.01 points, or 0.03%, to 2,885.72. Nasdaq also shed 0.6 points, or 0.01% to 7,822.57 points.

 

Dow Jones rose 0.3% yesterday, and  S&P 500 gained 0.5%, its sixth daily gain in a row, among the longest daily gains since May 2018 as fears over the US-Mexico trade war eased.

 

US President Donald Trump said on Sunday that a 5% tariff on all Mexican imports to the United States is suspended indefinitely and added that he had full confidence in Mexico's ability to fight migration from Central America.

 

The Shanghai Composite Index rose 2.6% after China's Xinhua news agency said the country would allow local governments to use bonds to finance infrastructure projects.

 

Strong Wall Street gains also drew support from the growing prospects of the Fed to cut US interest rates this year.

 

According to the FedWatch tool of the CME, the market is pricing the possibility of a US interest rate cut of around 78% in July and about 97.1% for cuts by December.

 
 
 
  Symbol Last Change Chg.%
1.1045
-0.0030
0.2718%
1.2523
0.0040
0.3228%
17.794
0.343
1.967%
58.705
3.811
6.942%
64.40
0.80
1.26%
1498.520
9.540
0.641%
 
 
US
 
Europe
 
Asia