- The S&P 500 SPX, +0.21% was up 0.2% to finish near 2,879.
- The Dow Jones Industrial Average DJIA, +0.64% advanced 166 points, or 0.6%, to end near 26,385.
- The Nasdaq Composite COMP, -0.05% was down less than 0.1% to end around 7,892.
Stock markets were buoyed by positive U.S. and China trade talks sentiment that took the DJIA in for a triple-digit gain and up to R2 as a monthly pivot point resistance level as the index closes in on the late 2018 highs at 26951, (albeit some work to do yet).
- Trump: Trade deal very close, 4-week timeline for a deal to be announced
US benchmarks are taking their cues from an improved risk appetite as investors cheer the Chinese manufacturing sector moving back into the expansion territory with bond prices on the decline – (although, the yield on the US 10-yr note was 1.8bps lower at 2.508% on Thursday as traders brace for the US NFP on Friday). The yield on the benchmark 10-year Treasury note jumped sharply to about 2.513% on Wednesday and the yield on the 30-year Treasury bond climbed to 2.923% giving stocks an early boost today. At the same time, Boeing provided the biggest boost to the Dow – At 10:09 a.m. ET the Dow Jones Industrial Average was up 130.31 points, or 0.50%, at 26,348.44.
The price action was solid throughout the session into the close as news that China’s lead trade envoy, Vice Premier Liu He, was meeting with President Donald Trump, who tweeted that talks “are moving along nicely.”
DJIA levels
The index remains in a bullish phase and is now above the 22nd Feb highs, (holding through the psychological 26000 level) and above the daily pivot of 26224. Eyes stay on the 2018 highs. Bears will otherwise target all the way down to the 23.6% Fibo retracement of the late Dec swing lows to late Feb swing highs at the low end of the twenty-five hundreds. This area guards a break all the way down to the 38.2% Fibo of the same range around 24400.
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