Rosy comments from President Trump on trade helped seal a win for stocks
Stocks erased early losses to end higher, as traders digested the latest headlines around U.S.-China trade relations. President Donald Trump helped the Dow, S&P 500, and Nasdaq all post strong closes after he suggested the March 1 tariff deadline could be moved, and said trade talks were going well. Meanwhile, Wall Street also responded to upbeat earnings out of Walmart (WMT). The risk-on session helped drive the Nasdaq's win streak to seven days -- its longest since August.
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The Dow Jones Industrial Average (DJI - 25,891.32) notched an 8.1-point, or 0.03%, win, with only 14 of its 30 components ending in the black. Walmart's 2.2% rise led the way, and the biggest losers were Coca-Cola (KO) and Nike (NKE), both falling 0.9%.
The S&P 500 Index (SPX - 2,779.76) added 4.2 points, or 0.2%, and the Nasdaq Composite (IXIC - 7,486.77) closed up 14.4 points, or 0.2%.
The Cboe Volatility Index (VIX - 14.88) dipped 0.03 point, or 0.2%.
5 Items on our Radar Today
- According to a Wall Street Journal report, Germany may go forward with using technology made by China's Huawei. The move could result in tensions between the U.S. and Germany, since the former country has banned Huawei products and is pursuing criminal charges against the company. (Engadget)
- President Trump has taken a formal step toward making a new Space Force, today signing a directive asking the Pentagon to draft legislation to be sent to Congress. The new branch of the military could work similarly to how the Marine Corps operates under the Department of the Navy. (CNBC)
- Put traders piled on before Avis Budget earnings.
- Citi's "top pick" designation sparked a rally in this mining stock.
- A court ruling led to huge trading on this REIT.
Data courtesy of Trade-Alert
Gold Touches Multi-Month High
Oil prices rose today, though uncertainty around global trade relations kept the gains in check. March-dated crude futures closed up 50 cents, or 0.8%, at $56.45 per barrel.
Gold prices had a strong showing, notching their highest close since April. Gold set for April delivery rose $22.70, or 1.7%, to end at $1,344.80 an ounce.