Dow closes up almost 250 pts on renewed optimism

Monday, 19. August 2019 22:00

Wall Street closed the trading session on Monday with strong gains as the sentiment in regards to the trade relations with China improved following the decision to delay the ban on Huawei for an additional 90 days. However, later in the day, Vice President Mike Pence conditioned a trade deal with Beijing with it respecting the integrity of Hong Kong, as protests in the former British colony continue. High-level negotiations are expected to resume in September, with no exact date set yet.

Meanwhile, President Donald Trump called on the Fed to cut rates by at least 100 basis points and pump money into the "very strong" economy. Fears of a recession subsided as investors anticipated a stimulus by central banks around the world.

The Dow Jones Industrial Average index added 249 points, or 0.96% at the closing bell. Cisco outperformed others, advancing 3.28%. Apple was up 1.86%.

The Nasdaq 100 jumped 1.52%. Baidu was the leader in gains, surging 7.78% before it reports second-quarter earnings soon after the bell. Nvidia followed with a 7.03% jump.

The S&P 500 closed 1.21% higher, pulled up by Estee Lauder's gain of 12.52%.

The euro was down 0.12% against the dollar at 4:01 pm ET, changing hands for $1.10774.

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Breaking the News / NI