Economic news

Wall St. tries to gain on trade optimism and economic data

Wall Street stocks began trading session on Wednesday mixed, but soon indexes managed to shift all towards a positive zone on the back of certain progress in trade dispute, after China’s announcement about plans to exempt several categories of products from duties. 

dow leads wall street gains

The Dow Jones Industrial Average gained 0.22 percent, at 26,969, the S&P 500 added 0.26 percent, to 2,986 and the Nasdaq, the growth leader for Wednesday, grew by 0.53 percent, at 8,127 due to Apple shares 1.76 percent surge at 15.10 following the company's launch of new products. Apple securities provided support to all three indexes, by the way.

The market sentiment was also improved by hopes for ECB stimulus moves, that are expected to slash rates and announce more bond buying on Thursday, in the framework of its meeting. One more interest rate cut is expected from Fed, being more precisely, market participants bet for a 25 bps lowering during its session, scheduled for the next week.

Meantime some economic data was released on Wednesday, which showed that U.S. wholesale inventories grew by 0.2 percent in July, bein in line with analysts estimates, whereas it was a negative 0.1 percent tumble, marked in June.

Manufacturer’s prices in the U.S. touched a 0.1 percent growth in August, meeting market expectations of the same percentage, after a 0.2 percent rise in July 2019.

U.S. crude oil inventories dropped by 6.912 million barrels during a week ended on September, 6th, following a prior reading of 4.771 million decline, although markets forecasted a 2.686 million drop. 

Energy shares got the positive push, with Exxon and Chevron equities increase.

Micron Technology stocks grew by 3.10 percent after it was upgraded to “buy”status. Wynn Resorts shares went down by 2.44 percent after a $750 million debt offering announcement.


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