Stocks hit one-month high on China trade offer rumor

Friday, 18. January 2019 16:59

The dollar advanced and equities continued to rise early in the session on Friday in New York. Bonds issued by the Department of the Treasury fell as stocks surged on unconfirmed media reports that China has offered to the United States in negotiations this month to ramp up purchases of goods in bilateral trade by a total of $1 trillion over six years. The two biggest economies have put on hold measures that would escalate the trade war which has lowered global growth expectations significantly. The truce expires on March 1.

The three main indexes on Wall Street all reached the highest levels since December 13, despite the drop in a widely watched consumer sentiment index to levels unseen since before the presidential election in 2016. The Dow Jones jumped more than 200 points or 0.88% at 10:57 am ET. The Nasdaq 100 and the S&P 500 both rallied 1%.

Gold weakened 0.63% to $1,283.3 per ounce. The euro lost 0.23% to $1.1365 and the pound fell 0.64% to $1.2906, while the greenback gained 0.4% to ¥109.669.

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