The Dow rose for the seventh straight day after the US & China each took steps to deescalate the trade war in preparation for the upcoming negotiations. | Source: Nicholas Kamm / AFP
The Dow Jones Industrial Average and other major stock market indices crept closer to their all-time highs on Thursday after Beijing and Washington each took steps to rectify the deadlock that has crippled previous rounds of trade negotiations.
Dow Strings Together 7th Straight Gain
All of Wall Street’s major indices advanced to open the morning session. The Dow edged 36.44 points or 0.13% higher to 27,173.48. The DJIA is now less than 250 points away from its record high.
The Dow edged higher at the open, pointing to a seventh straight gain for the DJIA. | Source: Yahoo Finance
The S&P 500 rose 9.17 points or 0.31% to 3,010.10. Eight of 11 primary sectors reported gains, though energy plunged 1.45%.
The Nasdaq popped 44.23 points or 0.54% higher to 8,213.91.
Dow Rises as Beijing & Washington Chase ‘Era of Good Feelings’
The Dow rose for the seventh straight day after the US and China each took steps to deescalate the trade war ahead of the next round of face-to-face negotiations in Washington.
As CCN reported, President Trump revealed that he would delay a 5% tariff increase on $250 billion worth of Chinese goods as a “gesture of good will.” Originally scheduled to take effect on October 1, Trump said the tariff hike would occur on October 15.
That two-week delay accomplishes two things. First, as Trump noted in a tweet, it pushes the tariffs back until after China’s national anniversary celebration. The People’s Republic of China was officially proclaimed on October 1, 1949.
“It is expected that China will be