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Home / Business / Wall Street is optimistic about possible delays in car rates By Reuters

Wall Street is optimistic about possible delays in car rates By Reuters




© Reuters. Traders working on the New York Stock Exchange

By Amy Caren Daniel and Sruthi Shankar

(Reuters) – US equities gained ground on Wednesday after it was announced that President Donald Trump was postponing a decision to impose a car Tariffs give respite to those markets worried about a slowdown in global growth following a series of weak economic data.

The deadline for the decision on tariffs is 1

8 May, but Trump is expected to postpone them by up to six months, sources Reuters said. The automakers Ford Motor (NYSE 🙂 Co and General Motors Co (NYSE 🙂 gained about 1% on the news.

In the meantime, Secretary of the Treasury Steven Mnuchin said he would probably travel to Beijing soon to continue the trade talks with China. [19659004] "We received support for Mnuchin comments and car fares, which is a positive development as it was feared that tariffs would extend to auto imports," said Paul Brigandi, managing director of portfolio management at Direxion Funds in New York. 19659004] Fears that the trade dispute could last longer and impact the global economy have kept investors on the go in recent days, bringing the S & P benchmark 3.6% below its all-time high of two weeks ago.

] "The truth is that we are closer to a trade deal than none, investors around the world want a deal, they want finality," said Ken Polcari, Managing Principal at Butcher Joseph Asset Management in New York. 19659004] "If the news around the trade remains uncertain, the market does not know how to price it, which is why the markets beat each and every time there are headlines that set the tone."

Stocks went up The day after the unexpected decline in retail sales in the US in April came under pressure, as private households curtailed the purchase of motor vehicles, pointing to a slowdown in economic activity.

Concerns over a slowdown in growth have been compounded by a decline in industrial production over the last month.

China data also showed surprisingly weak retail and industrial production growth in April, putting pressure on the country to provide more incentives. [19659004] At 00:38 CET, the value rose 119.14 points, or 0.47%, to 25,651.19. The value increased by 16.28 points or 0.57% to 2,850.69 and the value by 73.64 points or 0.95% to 7,808.13.

Technology stocks gained 0.9%, leading to the largest increase in the market. With an increase of more than 2.5% in the shares of Facebook Inc (NASDAQ 🙂 and Alphabet (NASDAQ 🙂 Inc, the communications services sector was up 1.3%. This is the biggest growth among the big S & P sectors.

Agilent Technologies (NYSE 🙂 Inc shares fell 11.9%, the strongest on the S & P 500, after the medtech manufacturer's quarterly results missed estimates.

Boeing (NYSE 🙂 Co rose 0.8%, according to Acting Chief Federal Aviation Administration Dan Elwell told lawmakers he expected the planner would soon submit a software update for the grounded 737 MAX for approval however, concerned about Boeing's lengthy delay in disclosing a software anomaly.

The increase in emissions exceeded the decline of 1.91 to 1 on the NYSE and 1.33 to 1 on the Nasdaq.

The S & P Index posted 21 new 52-week highs and 11 new lows of the Nasdaq recorded 57 new highs and 58 new lows.


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