China Blinks First, U.S. Equities Rally

Aug 30 13:08 2019 Print This Article

Market Recap for Thursday, August 29, 2019

Well, thank you China. On Thursday morning, China pledged a calmer approach to the trade war and indicated they would not retaliate for the latest tariffs imposed by the U.S. At least not now. Temporarily, that appeased traders who used the opportunity to buy some beaten-down areas of the stock market, most notably retailers. The widely-diversified retail ETF (XRT, +1.52%) managed to close above its 20 day EMA for the first time during August, but pockets of retail were even stronger. Home improvement retailers ($DJUSHI) were able to make a key breakout and are featured below in the Sector/Industry Watch section. Apparel retailers ($DJUSRA, +2.83%) also showed strength once again, closing at their highest level in August. Finally, footwear ($DJUSFT, +2.36%) were right on their "heels", closing above its 20 day EMA yesterday and both its 50 day SMA and prior August highs yesterday.

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