US Stocks Higher on G20 Trade Optimism

June 27, 2019 Share Print 0

Wall Street gained ground in a broad-based rally on Thursday as market participants looked to the G20 summit this weekend for signs of progress in the long-running U.S.-China trade dispute, which has agitated markets for months.

All three major U.S. stock indexes were up, with the benchmark S&P 500 set to snap its four-day losing streak, inching within 1 percent of its all-time high, reached a week ago today.

News that the world’s two largest economies have agreed to a tentative truce in their ongoing trade war, according to the China Morning Post, initially fueled investor optimism.

But that optimism was tempered by a story in the Wall Street Journal that Chinese President Xi Jinping will present President Donald Trump with a set of conditions the United States must meet before Beijing will settle the trade dispute.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.