Wall Street starts higher on buoyed trade deal hopes

Tuesday, 05. November 2019 15:30

Stock markets in the United States kicked off the trading session on Tuesday in the green, continuing yesterday's rally which ended in a brand new record set by the Dow Jones. Investor sentiment got a boost from the latest developments in trade negotiations between the US and China after US Commerce Secretary Wilbur Ross noted that Washington remains fairly optimistic regarding the accord being signed before the end of the month.

Unofficially, however, reports have suggested that Beijing still isn't sure whether it should accept the deal unless the US removes 15% tariffs levied on Chinese goods in September and drops the planned December tariff increase altogether.

Meanwhile, the US Census Bureau revealed in a report that the US trade deficit shrank to $52.5 billion in September, adding to positive investor sentiment.

The Dow Jones Industrial Average started the session 0.19% in the green, setting a new record of 27,500.23 points. Boeing was the best performer early in the session, advancing 1%, following the announcement that its CEO would give up his 2019 bonuses in light of the company's recent troubles. The Nasdaq 100 jumped 0.18% at the open as Regeneron Pharmaceuticals' shares surged 7.14% after the biotechnology company posted better-than-expected earnings results for the third fiscal quarter. Meanwhile, the S&P 500 rose a modest 0.09% with Xerox leading the gains by advancing 5.02%.

The euro sank 0.36% against the greenback, buying 1.10874 at 9:30 am ET.

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Breaking the News / GG