Day Traders Diary
The major averages surged after the U.S. and China agreed to meet next month in Washington to discuss trade. The Dow Jones Industrial Average jumped 372 points, or 1.4% to 26,728. The S&P 500 climbed 1.3% to close at 2,976, led by a 2.1% gain in the tech sector. The S&P 500 is only 1.7% from all-time highs. The Nasdaq Composite advanced 1.75% to 8,116.The trade related stocks performing well as Advanced Micro Devices and On Semiconductor both gained more than 1%. Bank stocks, J.P. Morgan Chase and Citigroup rose more than 2%, while the trade bellwethers Caterpillar and Boeing rose 3.3% and 1% respectively.
On the data front, private payrolls in the U.S. increased by 195,000, according to ADP and Moody's Analytics. Economists polled by Dow Jones expected payrolls to grow by 140,000. The report from ADP and Moody's Analytics is seen by investors as a preview to the U.S. government's monthly nonfarm payrolls report, which is scheduled for release Friday morning.
On the earnings front, shares of Slack, maker of the popular workplace messaging chat app, dropped 3% after the company issued its first earnings report as a public company. Palo Alto Networks rose 5% after beating expects as sales rose 22% to $805.8 million. One analyst upgraded the stock with a $316 price target. The stock is currently 100 points below that target.
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