Stocks - Wall Street Gains on Trade Optimism; Boeing Drags on Dow  

Stocks - Wall Street Gains on Trade Optimism; Boeing Drags on Dow  | Oct 21, 2019 14:58

Stocks - Wall Street Gains on Trade Optimism; Boeing Drags on Dow – Wall Street opened higher on Monday, as upbeat rhetoric around trade continued to support sentiment in the absence of much hard news.

White House adviser Larry Kudlow told Fox Business that tariffs scheduled for December could be withdrawn if trade negotiations go well. His comments follow positive trade chatter over the weekend, with Chinese Vice-Premier Liu He saying on Saturday that "substantial progress" had been made in talks and argued that ending the trade war will benefit both the U.S., China and the world.

Meanwhile U.S. President Donald Trump said he hoped the deal would be signed by the Asia-Pacific Economic Cooperation meeting in mid-November, and that he was confident it would stop the introduction of more tariffs.

The two countries initially shook hands on a temporary truce 10 days ago, as they work towards a more comprehensive deal.

The Dow was up 45 points or 0.2% by 9:46 AM ET (13:46 GMT), while the S&P 500 gained 13 points or 0.5% and the Nasdaq composite jumped 49 points or 0.6%.

Boeing (NYSE:BA) dragged on the Dow, as the company fell 5% after Credit Suisse (SIX:CSGN) and UBS downgraded the company to ‘neutral’ from ‘buy’, following reports that Boeing pilots were aware of safety issues with the 737 MAX's flight control software as long ago as 2016.

Drug companies Teva Pharma Industries, McKesson Corporation (NYSE:MCK) , AmerisourceBergen (NYSE:ABC), and Cardinal Health (NYSE:CAH) were mostly in the red after they reached a settlement deal with two Ohio counties over their alleged role in the opioid crisis, The Wall Street Journal reported. Teva was up 2.3% while the other companies slumped nearly 4%.

Elsewhere, Halliburton (NYSE:HAL) jumped 6.6% despite posting a decline in North American shale drilling. Coty (NYSE:COTY) jumped 12.4% on news that it is planning to sell its professional beauty business that houses brands such as Wella and OPI.

In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 96.998 and gold futures lost 0.1% to $1,493.25 a troy ounce. Crude oil futures declined 1.3% to $53.14 a barrel.

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
Saving Changes


Download the App

More markets insights, more alerts, more ways to customize assets watchlists only on the App is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.