US Stocks Rise As Investors Wait For US-China Trade Progress
US stocks rise on Monday as many people wait for signs of positive progress from a meeting in Beijing between the US and China about their trade negotiations.
S&P 500 increased 0.7 percent to 2,549.69. The Dow Jone Industrial Average rose 0.42 percent to end at 23,531.35. Nasdaq gained 1.26 percent and closed at 6,823.47.
Amazon and Netflix powered another gain on Wall Street. 9 out of 11 major S&P sectors rose. Consumer discretionary gained the most rising 2.36 percent lead my Amazon’s 3.44 percent advance. Amazon became Wall Street’s most valuable company at $797 billion overcoming Microsoft.
Investors are waiting for an outcome between the two countries. The meeting is a two-day meeting scheduled to conclude on Tuesday in Beijing. The trade war between the largest economies has chipped away a lot of capital. China’s central bank showed that the foreign exchange reserve fell three times in 2018. Foreign exchange reserve fell by $67.24 billion in 2018 to $3.073 trillion in contrast to a $129.4 billion rise in 2017.
Euro fell 0.18 percent to $1.1453 per euro
Japanese yen fell 0.15 percent to 108.56 per dollar
British pound fell 0.05 percent to $1.277 per pound
Korean won rose 0.17 percent to 1,121.43 per dollar