Tuesday, 18 January 2022

Stocks mixed amid Turkey worries, hopes for US-China trade deal

NEW YORK: Wall Street stocks finished higher on increased hopes of a resolution of the US-China trade impasse, while European stocks were pressured by worries over Turkey.

US stocks, which were negative much of the morning, rallied following a midday Wall Street Journal report that Washington and Beijing were taking steps to try to resolve a trade dispute ahead of a November summit between US President Donald Trump and Chinese leader Xi Jinping.

The S&P 500 finished up 0.3 percent.

“Clearly the market rallied after that Wall Street Journal report,” said Karl Haeling of LBBW. “At the same time though, the market did not rally that much.”

“The lack of details prevented a bigger rally,” he added. “There’s still a lot of uncertainty about what all this means.”

The article added to positive sentiment after both sides on Thursday confirmed a resumption of talks, even though both parties are still expected to enact fresh tariffs next week.

“Markets are optimistic but remain wary,” said FXPro analyst Alexander Kuptsikevich.

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