Stocks wobbled today, closing mixed, as investors weigh the possibility of the US and China striking a deal to end the ongoing tariff war. Though nothing has been officially scheduled, there are reported talks that President Trump may hold a summit with Chinese President next month at Mar-a-Lago, Trump’s private club in Florida. A White House official also said the March deadline to reach a deal could possibly be moved back. There is also focus on a potential second government shutdown. Democrats and Republicans are still at odds over border policies as the deadline to come to an agreement quickly approaches. At the end of the day, the major indices closed mixed:
DOW -54 at 25051
SP500 +1 at 2709
NASDAQ +9 at 7307
The 10 Year Treasury yield closed up 3 basis points to yield 2.66%
Oil prices closed -.34 at 52.38 a barrel
Gold prices closed -6.50 at 1312.00 an ounce
In the days’ stock news:
- Tesla gained more than 2.5% on an upgrade. An analyst at Canaccord Genuity also raised the price target to $450 a share from $330. TSLA closed + 2.5% at 312.84.
- Avis Budget Group jumped over 8% after an upgrade from Goldman Sachs. CAR closed up over 7% at 27.58.
- Morgan Stanley is buying Canada-based employee stock plan manager Solium Capital for $900 million in cash.
- In earnings, Restaurant Brands International, parent company of Tim Hortons, Popeyes and Burger King, reported a beat on the top and bottom line. QSR closed up 1 ¾% at 63.75.