Trade tensions intensified over the weekend as both China and our allies pushed back on the recently enacted tariffs. In Canada, top finance officials from the G-7 nations met and issued a public rebuke of the steel and aluminum tariffs. In the face of all this, one might have expected a selloff in the market, but that was nowhere to be found. Instead, the market opened in the green and stayed that way all day long.
At the close, the Industrials were up 178 points, though the Transports did give back 0.73%. The Nasdaq and S&P posted strong performances, with the S&P up 0.45% and the Nasdaq up 0.69% – to a new record closing high. Action was strong with advancing issues outpacing declining issues by 2-1.
Tariff talk didn't seem to hurt international markets either, as all major averages in Europe and Asia were in the green, with the exception of India and Italy. ... Log in or subscribe to continue reading.