U.S. stocks gained as hopes rose for progress in the American-Chinese trade dispute and technology shares bounced back from Monday’s rout. The pound rallied on reports of advancement toward a Brexit deal.
The S&P 500 rebounded from early selling after White House economic adviser Larry Kudlow told CNBC Tuesday that the U.S. and China are talking on “all levels” of government. That followed an overnight report that China’s Vice Premier Liu He will pave the way for a meeting between the leaders of the two biggest economies later this month. Caterpillar, 3M and megacap technology shares that react to trade headlines paced gains in major equity benchmarks.
The USDCAD is now getting better on this news, oil however continues to fall, it’s now below $58 USD a barrel for West Texas Intermediate, oil’s unprecedented decline deepened as investors fled a market hammered by swelling excess supplies, a darkening demand outlook and U.S. President Donald Trump’s Twitter critique of the world’s biggest crude exporter.
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