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Optimism Propels Stock Market Higher

Jeremy Lutz - MarketClub

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Hello traders everywhere. Groundhog day, that's what it feels like right now as traders continue to follow news about the U.S. - China trade talks. On Tuesday President Donald Trump suggested that he might be open to postponing the current deadline of early March so that both sides can reach a deal. Failure to achieve an agreement would spark higher U.S. tariffs on Chinese goods.

The South China Morning Post reported that Chinese President Xi Jinping will meet with U.S. delegates on Friday as both sides try to strike a deal, including Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer.

The Dow is up about 135 points as Goldman Sachs (GS) and Visa (V) outperformed. The S&P 500 gained 0.45%, led by gains in tech and consumer discretionary. The Nasdaq advanced 0.5% as Amazon (AMZN) shares climbed .50% at the open.

The stock market is also getting a boost from news that a tentative deal on a new budget that could prevent another government shutdown which also includes border security funding. President Trump said Tuesday he is not happy with this proposal but added he will be studying its details.

Key Levels To Watch This Week:

S&P 500 (CME:SP500): 2,612.86
Dow (INDEX:DJI): 24,244.31
NASDAQ (NASDAQ:COMP): 6,953.23
U.S. Dollar (ICE:DX): 95.16
Gold (NYMEX_GC.J19): 1,310.00
Crude Oil (NYMEX:CL.H19): 54.04
Bitcoin (BITCOIN:BITSTAMPUSD): 3,702.49

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