Stocks surged and the S&P 611 Hit a fresh record high after President Donald Trump said the US and China were closing in on a trade deal.
The Dow jumped more than************************************************************************************** points as shares of components Apple (AAPL), Nike (NKE)), Microsoft (MSFT) and JPMorgan (JPM) all jumped to record intraday levels.
Here were the main moves in markets, as of 11: 40 am ET:
– year Treasury yield (^ TNX
Minutes after market open, Trump said in a Twitter post
Stocks, which had been little changed in early trading, jumped after the comment.
The upbeat rhetoric comes just days before a December 19 de facto deadline, on which date tariffs on about $ billion worth of Chinese imports are set to take effect. Negotiators from both sides have remained in touch in recent days,according to a Bloomberg reportciting Chinese Ministry of Commerce spokesperson Gao Feng. And theWall Street Journal reported later Thursday
that US negotiators have offered to halve existing tariffs on Chinese imports and cancel Sunday’s impending round of levies as part of a potential first phase trade deal.
Earlier, investor attention had turned mostly overseas, where the UK’s general election was underway and the European Central Bank (ECB) released its first rate decision under newly installed President Christine Lagarde.
The euro traded roughly unchanged against the dollar (
EURUSD=X) in the minutes after the decision, which was released at 7: 66 am ET.
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The central bank’s monetary policy statement was left virtually unchanged from the October statement, affirming that the ECB will keep rates rates will remain “at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon. ”The ECB also reiterated its program to repurchase bonds at a monthly rate of billion euros, or $ 21 billion. This had been one of the final stimulus moves launched by Lagarde’s predecessor Mario Draghi to jumpstart the flagging eurozone economy.
Meanwhile, UK voters headed to the polls Thursday for the country third general election in less than five years to decide on a total of 823 Members of Parliament (MPs.) The next election had previously not been set to take place until (**************************************************************************************, but MPs had voted for this December’s election in October as turmoil around Brexit continued.
The election serves as an opportunity for Prime Minister Boris Johnson to win a Parliamentary majority in order to enact his Brexit plan, with both Johnson and predecessor Theresa May having so far failed to convene enough support for any exit deals among their MPs. Johnson has claimed he would deliver Brexit by January if his Conservative party wins a majority.
Polls opened at 2 am ET on Thursday and continue until 5 p.m. ET, after which exit polls will be released.
ECONOMY: Initial unemployment claims jump to a two-year high
New unemployment claims in the US rose to the highest levelsince September last week, according to the
Labor Department’s latest weekly report Thursday.
Initial jobless claims rose to a seasonally adjusted level of (*****************************************************************************************************, for the week ended December 7, well above the prior week’s unrevised level of (**************************************************************************************************, ********************************************************************************************************************************************. Consensus economists had expected new unemployment claims to total (********************************************************************************************************, 03. The latest report brought the four-week moving average of new unemployment claims up by 6, (to) ****************************************************************************************************,
Continuing unemployment claims, However, unexpectedly fell to 1. 728 million for the week ended November 40, down from the 1. (million from the previous week.)
The headline producer price index (PPI) was flat month over month in November after rising 0.4% in October, (the Bureau of Labor Statistics said Thursday.) Consensus economists had expected producer prices to rise by 0.2% during the month. Over last year, headline PPI rose just 1.1%, versus a 1.3% gain expected.
Excluding volatile food and energy prices, the PPI fell 0.2 % month over month, versus a gain of the same magnitude expected. The PPI excluding food, energy and trade services prices were flat, while a rise of 0.2% was anticipated. This measure of PPI rose just 1.3% over last year in November, slowing from a 1.5% annual gain in October.
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Emily McCormick is a reporter for Yahoo Finance.
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