Stock Market Near Record on Topsy Turvy Thursday

Sep 12 17:09 2019 Print This Article

Several market moving events unfolded between the close of U.S. stock markets on Wednesday and the open on Thursday. As a result, the Dow Jones Industrial Average and the S&P 500 were both on the cusp of record highs on Thursday.

Here’s what investors need to know.

Delayed tariffs

Stock futures climbed Wednesday evening after President Donald Trump announced he would be delaying the planned increase of tariffs on Chinese goods by 15 days, as a “gesture of good will.” The tariffs are set to increase to 30% from 25% on about $250 billion worth of Chinese goods. Treasury Secretary Steven Mnuchin told CNBC on Thursday morning that the president “could do a deal any time” with China but won’t until “it’s a good deal.”

“The president delayed it because of a request from the vice premier,” Mnuchin added. He clarified that China’s Vice Premier Liu He made the request because Oct. 1 is the 70th anniversary of the establishment of the People’s Republic of China and said raising the tariffs on that day “caused them grave concern on the symbolism.”

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Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

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