Wall Street rises for the seventh consecutive session amid strong hopes

2019-06-11 18:47:15 GMT (Economies.com)
Wall Street rises for the seventh consecutive session amid strong hopes

US stocks rose on Tuesday morning, extending gains for a seventh straight session, among the longest winning streak in more than a year, amid strong sentiment after the Mexican crisis ended quickly without US import tariffs, the gains also drew support from stimulus measures in China to support the world's second-largest economy.

 

As of 14:56 GMT, Dow Jones industrial average rose 49.10 points, or 0.20% to reach 26,111.78. while S&P 500 index rose up 8.95 points, or 0.31% to 2,895.68. Nasdaq fell 31.69 points, or 0.41% to 7,854.86.

 

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.

 

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

 

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

 

Wall Street's strong equity gains also drew support from the growing prospects for 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 price cuts by December.

 
 
 
  Symbol Last Change Chg.%
1.1052
-0.0023
0.2081%
1.2530
0.0047
0.3769%
17.857
0.406
2.328%
58.815
3.921
7.144%
64.40
0.80
1.26%
1501.825
12.845
0.863%
 
 
US
 
Europe
 
Asia