S&P 500, Dow Jones, and Nasdaq record all-time highs following the U.S – China trade deal optimism

Following positive reassurance from the White House that a trade deal with China is close, as well as the remarkable gains for Best Buy and Disney, all three of the primary indices of Wall Street were reported to have marked all-time highs on Tuesday. As per the report, the weaker economic data for the U.S economy failed to disrupt the gains for Wall Street earlier today. Washington Continues Support For Hong Kong President Trump announced this morning that the phase 1 deal is set to be finalized with China in the days to come. Washington, however, continued to express its support for Hong Kong for which it has been sternly criticized by China in the past weeks. Following the report that Disney’s new streaming service is making a million subscribers on a daily basis, the stock was reported to have surged by 2.2%. Consequently, the S&P 500 and Dow Jones Industrial Average indices were pushed higher. On the other hand, Best Buy printed a largely positive Q3 earnings report on Tuesday. Registering a gain of over 12% for the day, the stock has made an all-time high, that further helped the stock indices to shrug off the weaker economic data (U.S CB Consumer Confidence) announced earlier today.

The Federal Reserve’s Role In Strengthening And Stabilizing The Stock Market

On top of that, Fed’s chairman, Jerome Powell, stated on Monday that the monetary policy is sufficiently supportive of the labor market as the Federal Reserve’s three consecutive rate cuts this year continue to fuel the risk appetite. As per the stock market analysts, the U.S Federal Reserve is playing a crucial role in strengthening and stabilizing the stock market. 8 of the 11 primary S&P 500 sectors were seen trading higher on Tuesday. Dow Jones Industrial Average gained around 0.10% on Tuesday to print an all-time high of 28,125 for the index. With a gain of around 0.1%, the S&P 500 index hit the 3,141 level that marks the record high for the benchmark. Lastly, Nasdaq was seen trading at 8,659 earlier today that is the highest level for the index in history. All in all, the S&P 500 has registered no new 52-week low this week while 31 52-week highs have been recorded so far. Nasdaq, on the other hand, has recorded 51 new 52-week lows but a significantly higher 99 new 52-week highs to invalidate the effect of the new lows. According to the experts, if events of the trade deal continue to support Wall Street, fiscal 2019 can be expected to end on a greatly positive note.