A mural entitled is displayed on a wall in Milan, on June 29, 2019 and depicts China’s President Xi Jinping (L) holding an i-Phone smartphone kissing US President Donald Trump holding an Huawei smartphone. (Photo by Miguel MEDINA / AFP) /
By CCN Markets: The Dow soared on Monday after Wall Street seized on new trade war developments that suggested cooler heads would prevail despite several titanic escalations to the US-China tariff conflict.
Dow Rallies 300 Points
All of Wall Street’s major stock indices jumped higher on Monday, despite the fact that early futures trading had pointed to mammoth losses.
The Dow Jones Industrial Average rose 293.39 points or 1.14% to 25,922.29.
The Dow spiked 300 points following the opening bell. | Source: Yahoo Finance
The S&P 500 jumped 28.12 points or 0.99% to 2,875.23
The Nasdaq climbed 86.28 points or 1.11% to 7,838.05.
Trump Heaps Praise on Xi Jinping & China
It seems like only yesterday that President Trump was railing against China for retaliating against US tariffs and lambasting Xi Jinping as an “enemy” of the United States. In fact, it was three days ago, and Trump appears to have had a change of heart in the interim.
Writing on Twitter, Trump gushed that Xi is a “great leader” and “representing a great country.” He said that he was “so impressed” that Beijing still desires a “calm” trade war resolution.
“Talks are continuing,” Trump added.
Great respect for the fact that President Xi & his Representatives want “calm resolution.” So impressed that they are willing to come out & state the facts so accurately. This is why he is a great leader & representing a great country. Talks are continuing!https://t.co/0sotrd1Mzh
— Donald J. Trump (@realDonaldTrump) August 26, 2019
Trump’s softening stance might