Stocks rose across the board for a second day on growing optimism for a trade deal as President Trump suggested he might be open to postpone the current deadline of early March so that both sides can reach a deal. Looking ahead, a trade agreement could reduce concerns about growth and allow the 2019 rally to continue. The Chinese President will meet with US delegates on Friday. There is also a good chance Washington will come to a spending agreement to avoid another government shutdown, with a deadline of Friday quickly approaching. At the end of the day, we saw green across the board:
DOW +117 at 25543
SP500 +8 at 2753
NASDAQ +5 at 7420
The 10 Year Treasury yield closed up 2.5 basis points to yield 2.70%
Oil prices closed +1.34 at 54.46 a barrel
Gold prices closed -2.20 at 1311.80 an ounce
In the days’ stock news:
- Hotel chain Hilton reported profits that beat forecasts, a better than expected revenue and an upbeat current quarter forecast. HLT closed up 6.5% at 79.37.
- Teva Pharmaceutical fell a penny short of Street forecasts, although revenue did come in BTE. TEVA closed -1.49 at 17.63.
- Bank of America downgraded Deere, the heavy equipment maker, to neutral. DE closed -2.49 at 162.70.
- Activision Blizzard reported mixed earnings, beating on the bottom line but falling short of revenue estimates. ATVI closed +2.90 at 44.57.