“High Hopes” – Vista Partners Daily Market Recap 2/12/2019
Investors’ high hopes led to a jump in US stocks on Tuesday, with all three of the major indices ending the day up. As the market closed, the S&P 500 was up 1.29% (34.93 points), marking its highest closing level since the beginning of December. The Nasdaq was up 1.46% (106.71 points) while the Dow rose 1.49% (372.65 points).
Except for a couple of outliers, the Dow companies were up across the board today. Caterpillar (CAT) raked in the biggest gains with an increase of 2.88%. The 3M Company (MMM) was close behind as it rose 2.80% during the session. The company with the third best day was DowDuPont (DWDP) as it saw gains of 2.60%.
Outside the Dow, Atossa Genetics (ATOS) had another good day with an increase of $0.10 or a 7.04% change as it closed at $1.52.
Hopes today were buoyed by what appears to be an increase in the likelihood of President Trump and Chinese President Xi Jinping meeting in the near future to settle a trade deal between the two countries. Although trade representatives have continued negotiating, Trump last week shot down the idea that he may meet with Xi before the March 1 deadline that ends the ceasefire in the trade war. In a Fox News interview on Monday, Kellyanne Conway said Trump “wants a deal” and “wants to meet with President Xi very soon.” These remarks helped calm investor’s nerves.
Joshua Mahoney, a market analyst at IG Group, wrote, “Much of the optimism we have seen in global markets overnight and into this morning centers around the Chinese optimism that a deal could be done in time, with negotiations ramping up as the week progresses. While Trump may not meet his Chinese couterpart before the March 1 deadline, Thursday’s meeting…points towards a willingness to come to an agreement.”
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
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