The S&P 500 hit a record high on Monday, while the Nasdaq fell just short of its...
After rising as much as 0.71% to 3,044.08, the benchmark S&P closed up 0.56% at 3,039.34, topping the record high of 3,025.86 hit on July 26, while the Nasdaq ended the session less than 5 points below its closing high. The Dow Jones Industrial Average ended less than 1% away from its record closing level.
President Donald Trump said on Monday he expected to sign a significant part of a trade deal with China ahead of schedule but did not elaborate on the timing, building on optimism from Friday when Washington said it was “close to finalizing” some parts of a trade deal. Economic data shows the trade war between the world’s two largest economies has begun to take a toll on both countries, leading to worries about a global slowdown.
Global central banks have responded by easing monetary policy. The Federal Reserve is expected to follow that trend at its two-day policy meeting beginning on Tuesday, with high expectations that it will cut interest rates for a third time this year. “After we finish earnings season and get through this Fed meeting, people will be looking to the trade deal,” said Walter Todd, chief investment officer at Greenwood Capital in Greenwood, South Carolina. “Importantly, as you watch the economic numbers come in here and globally between now and year end, you want to continue to see incremental positive sequential changes. You want to get some confirmation that in fact growth has bottomed and has started to improve.
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