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US close: Markets finish positive on trade and Brexit hopes

By Josh White

Date: Tuesday 22 Oct 2019

US close: Markets finish positive on trade and Brexit hopes

(Sharecast News) - Trading on Wall Street finished as it started on Monday - in the green - thanks to positive headlines around the US-China trade talks emanating from Beijing and Washington, and increasing optimism that the UK would be able to avoid crashing out of the European Union.
The Dow Jones Industrial Average ended the session up 0.21% at 28,827.64, the S&P 500 added 0.69% to 3,006.72, and the Nasdaq 100 was ahead 0.91% at 7,940.33.

Speaking on Saturday, Chinese vice-premier Liu He said that "substantial progress" had been made with Washington on laying the foundation for an initial accord on trade.

His words were echoed on Monday by US Treasury secretary Steven Mnuchin, who told Fox Business Network that the US trade tariff hikes that were set to kick-in mid-December could be shelved if progress was being made in trade talks.

"Regarding US-China trade tensions, investors remain skeptics about a proper trade deal, as they want to see a commitment that further tariffs are really off the table before changing their positions," said analysts at Bank of America-Merrill Lynch earlier in the session.

"The same applies to Brexit."

Across the pond, investors appeared to be taking news that the British Prime Minister's proposed Brexit deal proposal would not be put to a vote until Tuesday in their stride.

Still, a government spokesman had reportedly threatened to pull the withdrawal bill if opposition members tried to amend it - as appeared likely.

"Market confidence in avoiding a no-deal exit remains undimmed following Saturday's non-vote," said said Neil Wilson, chief market analyst at Markets.com.

"However, in seeking to delay and frustrate Brexit, there is a chance that MPs overplay their hand and drive the UK towards a no-deal Brexit."

Analysts at Morgan Stanley told clients that despite delays in Parliament, the odds now favoured the Brexit agreement being ratified by Christmas.

"A reduction in Brexit uncertainty should lead to renewed interest - and re-rating - in UK equities, which are arguably one of the most unloved and undervalued areas of global stock markets," they said.

On the corporate front, stock in Boeing was still in focus as the sell-off seen during the previous session, when it was revealed that some company employees thought that they might have unintentionally misled the US Federal Aviation Authority, continued to take its toll.

Adding to the selling pressure on Monday were downgrades out of UBS and Credit Suisse, with the former cutting its target price on the shares from $470.0 to $375.0.

Boeing was due to publish third quarter earnings on Wednesday, and at the end of trading on Monday, its stock was down 3.76%.

No major economic releases were scheduled for Monday in the US.

Dow Jones - Risers

JP Morgan Chase & Co. (JPM) $123.55 2.48%
American Express Co. (AXP) $119.05 1.96%
3M Co. (MMM) $165.94 1.74%
Apple Inc. (AAPL) $240.51 1.73%
Exxon Mobil Corp. (XOM) $68.74 1.67%
Chevron Corp. (CVX) $116.65 1.63%
Intel Corp. (INTC) $52.13 1.50%
Cisco Systems Inc. (CSCO) $47.39 1.46%
Procter & Gamble Co. (PG) $119.08 1.37%
Goldman Sachs Group Inc. (GS) $209.25 1.32%

Dow Jones - Fallers

Boeing Co. (BA) $331.06 -3.76%
Walgreens Boots Alliance, Inc. (WBA) $54.59 -1.28%
Coca-Cola Co. (KO) $54.23 -1.00%
Unitedhealth Group Inc. (UNH) $243.92 -0.58%
Home Depot Inc. (HD) $236.70 -0.52%
Verizon Communications Inc. (VZ) $60.75 -0.49%
Walt Disney Co. (DIS) $130.26 -0.48%
Merck & Co. Inc. (MRK) $84.52 -0.19%
Dowdupont Inc. (DWDP) $30.52 0.00%
International Business Machines Corporation (CDI) (IBM*) $143.66 0.00%

S&P 500 - Risers

Coty Inc. Class A (COTY) $11.46 13.44%
Halliburton Co. (HAL) $19.61 6.40%
Helmerich & Payne Inc. (HP) $38.43 5.11%
Eog Resources Inc. (EOG) $67.67 5.00%
Keysight Technologies Inc. (KEYS) $102.97 4.79%
Vertex Pharmaceuticals Inc. (VRTX) $183.53 4.14%
Dxc Technology Company (DXC) $27.51 4.05%
Hewlett Packard Enterprise (HPE) $15.97 4.04%
Micron Technology Inc. (MU) $45.22 4.03%
Schlumberger Ltd. (SLB) $33.59 3.96%

S&P 500 - Fallers

Boeing Co. (BA) $331.06 -3.76%
CME Group Inc. (CME) $206.07 -3.33%
Amerisource Bergen Corp. (ABC) $86.65 -3.32%
McKesson Corp. (MCK) $147.35 -3.22%
Ford Motor Co. (F) $9.03 -2.80%
Ross Stores Inc. (ROST) $110.98 -2.76%
CF Industries Holdings Inc. (CF) $46.46 -2.74%
Ball Corp (BLL) $72.30 -2.46%
Centene Corp. (CNC) $45.84 -2.37%
Cardinal Health Inc. (CAH) $50.41 -2.19%

Nasdaq 100 - Risers

Vertex Pharmaceuticals Inc. (VRTX) $183.53 4.14%
Micron Technology Inc. (MU) $45.22 4.03%
JD.com, Inc. (JD) $31.03 3.68%
Ctrip.Com International Ltd. Ads (CTRP) $30.28 3.06%
CSX Corp. (CSX) $70.75 3.03%
Wynn Resorts Ltd. (WYNN) $116.87 2.95%
Qurate Retail Inc. (QRTEA) $9.80 2.94%
Microchip Technology Inc. (MCHP) $97.78 2.92%
Nvidia Corp. (NVDA) $196.01 2.90%
KLA-Tencor Corp. (KLAC) $164.00 2.70%

Nasdaq 100 - Fallers

Ross Stores Inc. (ROST) $110.98 -2.76%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $235.30 -1.93%
Align Technology Inc. (ALGN) $210.04 -1.80%
Mondelez International Inc. (MDLZ) $53.57 -1.67%
NetEase Inc. Ads (NTES) $281.38 -1.63%
Hologic Inc. (HOLX) $49.18 -1.49%
Hasbro Inc (HAS) $120.16 -1.48%
Idexx Laboratories Inc. (IDXX) $278.88 -1.40%
Tesla Inc (TSLA) $253.50 -1.34%
Walgreens Boots Alliance, Inc. (WBA) $54.59 -1.28%

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