· Stocks rose on Tuesday, regaining some of the sharp losses from the previous session, as investors weighed the impact of the escalating trade war between the United States and China.
The Dow Jones Industrial Average rose 207.06 points to 25,532.05, boosted by gains in Visa and Boeing shares. The 30-stock index also posted its best day since April 12. The S&P 500 advanced 0.8% to 2,834.41as tech shares outperformed. The Nasdaq Composite climbed 1.1% to end the day at 7,734.49.
· “The reason we’re seeing this recovery is because fundamentals haven’t changed,” said Kevin Miller, CIO at E-Valuator Funds. He noted the U.S. economy remains strong.
“That being said, we are going through something that we’ve never gone through before,” Miller said. “This China trade agreement issue is changing investing into something more like speculating because no one knows what direction this thing can go.”
· European stocks traded higher Tuesday as investors began to mitigate the sharp downturn caused by China’s announcement of retaliatory tariffs on U.S. imports.
The pan-European STOXX 600 closed up 0.91% in trade. Sector wise, basic resources and tech led gains, rising 1.74% and1.8% respectively.
· Shares in Asia were mixed in Wednesday morning trade following an earlier slump this week amid escalating tensions on the U.S.-China trade front.
The Nikkei 225 in Japan slipped 0.11% in early trade, as shares of index heavyweight Fast Retailing fell 0.44%. The Topix index, on the other hand, gained 0.1%.
In South Korea, the Kospi declined 0.23% as shares of automaker Hyundai Motor dropped 1.95%.
Over in Australia, the ASX 200 rose 0.14% as the sectors mostly traded higher.
On the economic data front today, China’s industrial production data for April is set to be released at 10:00 a.m. HK/SIN.
Reference: CNBC
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