Wall Street has moved higher, led by tariff-sensitive technology and industrial stocks, after China extended an olive branch ahead of next month’s trade negotiations with the US. The S&P 500 on Wednesday closed above the 3,000 mark for the first time since 30 July.
Apple provided the biggest boost to the S&P 500 and the Nasdaq the day after it unveiled its latest iPhone upgrade and announced the launch date of its Apple TV+ streaming service. Its shares rose 3.2 per cent, once more lifting the company’s value above the $US1 ($1.5) trillion mark. The blue-chip Dow, led by Boeing, posted its sixth consecutive daily gain. Boeing, the largest US exporter by dollar value, gained 3.6 per cent.
China announced tariff exemptions for a basket of US goods, a move viewed by many investors as a show of good faith just weeks ahead of planned talks aimed at resolving the trade war, which has bruised world economies and rattled markets for months. However, a senior White House adviser urged investors to be patient in an effort to curb expectations for the trade talks scheduled to take place next month in Washington. In a series of morning tweets, President Donald Trump called on the US Federal Reserve to slash interest rates into negative territory, a move typically seen as a last-ditch effort to revive sluggish economies.Morning-Market-Note-Thursday-12th-September