- S&P 500 put on 13.39 points, or 0.5%, to 2,886.73.
- DJIA, adding 78.74 points, or 0.3%, to 26,062.68.
- Nasdaq Composite index added 81.07 points, or 1.1%, to 7,823.17.
Wall Street ended on a positive note on Monday, soaking up positive geopolitical developments with the Dow Jones Industrial Average, or, DJIA, adding 78.74 points, or 0.3%, to 26,062.68, marking its longest winning streak since May 2018. The S&P 500 put on 13.39 points, or 0.5%, to 2,886.73 while the Nasdaq Composite index added 81.07 points, or 1.1%, to 7,823.17.
“Risk markets had a bid tone following Washington’s decision to abandon tariffs on Mexico and statements during the day from Trump that he expects to meet with President Xi at the G20 Summit in Japan on June 28th and 29th and that a China deal is going to work out,”
analysts at ANZ commented.
However, to keep markets on edge, Trump warned that if cooperation should fail, “We can always go back to our previous, very profitable, position of tariffs.” That was echoed by U.S. Secretary of State Pompeo who said that if sufficient progress is not made on Mexico immigration, Trump’s tariffs could go into force. Elsewhere, Trump announced that Xi/Trump are set to meet later this month at the G20 summit.
DJIA levels
The DJIA index extended its run of daily bullish sticks yet again and settled above the 61.8% Fibo retracement level of April to June swing high and lows, scoring just shy of the 78.6% mark in the 26200s with a confluence of the 12th April gap. On the flipside, the 20-D EMa is located just a below the 50% Fino of the recent daily range guarding a run towards the 200 D EMA and then the 25200 level, as being around the 11th March swing lows. On a break of 25000, bears can look towards 24500s and then 50% of the upside run made at the end of Dec at 24150.
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