- The Dow Jones Industrial Average added 50 points, or 0.2%, to 25,964.
- The S&P 500 put on 7 points, or 0.3%, to 2,840.
- The Nasdaq Composite Index COMP climbed 32 points, or 0.4%, to 7,746.
U.S. stocks were higher on Tueday although sank from the FOMC expectation fuelled session highs following conflicting headlines over Sino/US trade talks. Initially, Bloomberg News reported that China was revoking on U.S. demands for concessions in bilateral trade talks, reported to say that the U.S. has not made sufficient assurances on lifting tariffs despite Beijing agreeing to changes on their intellectual property regulations. However, the WSJ came out with a conflicting report that signifies that all was well in the final stages of negotiations and that U.S. Representative Robert Lighthizer and Secretary of Treasury Steven Mnuchin were scheduled to fly to Beijing next week.
FOMC outlook
“This week’s Fed meeting will see interest rates left unchanged and the central bank sticking to its “patient” approach to policymaking. However, look out for announcements regarding the balance sheet with “quantitative tightening” seemingly coming to an end,” analysts at ING Bank explaind.
DJIA levels
The DJIA has added to last week’s winning streak and bulls are taking on the 78.6% Fibo target located around the psychological 26000 level having scored a high at 26114.90 on the session. However, failures here will open risk towards a downside target at the 61.8% Fibo level positioned beneath the 25000 psychological level at 24847. A break there brings in the 38.2% Fibo at 24500 and then the 50% Fibo just below the psychological 24000 level.
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