PrefBlog

The equity markets did well today:

Broad gains in the U.S. equity market boosted a measure of global stock markets on Tuesday after President Donald Trump said a “great deal” could be struck with China that would relieve fears of a growing trade war between the world’s two largest economies.

MSCI’s gauge of stocks across the globe gained 1 per cent. Still, the index is down nearly 9 per cent for the month.
…
Trump said during an interview with Fox News late on Monday that he thought there could be an agreement with China on trade. But he also said he had billions of dollars worth of new tariffs ready to be imposed if a deal was not possible.

The Dow Jones Industrial Average rose 431.96 points, or 1.77 per cent, to 24,874.88, the S&P 500 gained 41.39 points, or 1.57 per cent, to 2,682.64 and the Nasdaq Composite added 111.36 points, or 1.58 per cent, to 7,161.65.

The gains were broad in the U.S., with all 11 sectors of the benchmark S&P index up for the day. Trade-sensitive industrial shares rose 2 per cent.

Correlation is not causation and I’m pretty skeptical of the claim that suddenly kindled trade hopes were at the bottom of this. But then, I’m not a talking head with a desperate need to make everything sound clear and logical!

Somebody forgot to tell the preferred market about the wonderful news: TXPR was down 0.66%, touching a new 52-week low of 669.90 … it spend a good chunk of the day near that level, down 1.25% or so; volume, at 3.81-million (constituent) shares, was the second-highest for the month; CPD hit a new low of 13.37, with about $3.6-million worth being traded, the highest volume of the month by far; and ZPR hit a new 52-week low of 11.005 on its second-highest volume of the month, which was only a little more than half of yesterday’s volume.

This entry was posted on Tuesday, October 30th, 2018 at 6:46 pm and is filed under Market Action. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.