Day Traders Diary
The major averages are modestly higher as President Trump delays higher U.S. tariffs against Chinese imports while the European central bank will initiate a large bond buying program. The Dow Jones Industrial Average rose 20 points while the S&P 500 and the Nasdaq is modestly higher.
The Dow and S&P 500 entered Thursday's session less than 1% from record highs reached in July. The Dow also closed above 27,000 on Wednesday for the first time since July 30 while the S&P 500 broke above 3,000 for the first time since July 31.
The trade tariffs goods are currently taxed at 25% and will now increase to 30% on Oct. 15 instead of Oct. 1, which would have coincided with the 70th anniversary of the People's Republic of China. President Trump said his decision was a gesture of goodwill at the request of China's Vice Premier Liu He in front of the anniversary. China exempted certain U.S. products from a higher tariff rate yesterday.
The U.S. and China have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment. Trade officials from both sides are expected to hold talks in Washington in early October.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.