US Stocks Opening Higher on Chinese Xi Jinping’s Comments

April 10, 2018
US Stocks report

By Investors Hub

The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks likely to add to the modest gains posted in the previous session.

The upward momentum on Wall Street comes amid a positive reaction to comments from Chinese Xi Jinping regarding the trade dispute between China and the U.S.

Xi promised to lower import tariffs on products including cars and take other steps to further open the world’s second-largest economy.

U.S. stocks failed to sustain early gains on Monday amid lingering concerns about a potential trade war between the U.S. and China.

There was some initial optimism when President Donald Trump made a conciliatory gesture toward Chinese leadership.

“President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!” Trump tweeted.

Powered by bargain hunting after Friday’s drubbing, the Dow jumped 350 points at one point. However, traders quickly booked profits, leaving the major averages only fractionally higher.

Stocks accelerated toward the unchanged line after a report from the New York Times that the FBI had raided the office of Michael Cohen, President Donald Trump’s personal lawyer

The Dow Jones Industrial Average rose 0.2%, or 47 points, to 23,980. The S&P 500 gained 9 points, or 0.3%, to 2,613. The Nasdaq Composite Index rose 35 points, or 0.5%, to 6,950.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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