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Dow gains 270 points thanks to trade optimism

The Dow and the broader stock market finished sharply higher on rebound Monday, reversing course from Friday's selloff after President Donald Trump said Chin...

Posted: Aug 26, 2019 11:13 AM
Updated: Aug 26, 2019 5:16 PM

The Dow and the broader stock market finished sharply higher on rebound Monday, reversing course from Friday's selloff after President Donald Trump said China wants to get back to the negotiating table.

The Dow closed 1.1% higher, some 270 points. All 30 Dow stocks finished Monday higher.

The S&P 500 finished 1.1% higher and the Nasdaq Composite closed up 1.3%. Both the S&P and the Nasdaq had closed lower in the previous two sessions.

All three stock indexes ended Friday in the red, logging their fourth down-week in a row.

Optimism about a possible trade deal between the United States and China held steady throughout the day.

First, China's Vice Premier Liu He said Monday that an escalation of the trade war would be bad for all parties and 'the interest of the people in the world,' while Trump said at the G7 summit in France 'I think we're going to make a deal.'

Then, during a press conference at the summit Monday, Trump added that the United States will only make a trade deal with China if it is 'fair' and 'good'.

He said a meeting with Iran in the near term is also possible.

That also helped some of the European bourses higher, and the German Dax and the French CAC 40 closed higher. UK markets are closed for the summer bank holiday.

The trade spat between the world's two largest economies escalated Friday, when China announced new tariffs on $75 billion worth of US imports. Trump tweeted his frustration in response to the tariffs and sent the stock market lower. After Friday's closing bell, Washington announced a new round of tariffs on Chinese imports starting October 1.

Those $250 billion goods currently hit with a 25% levy, will be taxed at 30%, while the remaining $300 billion worth of imports will be hit with a 15% tariff instead of 10%.

Despite the trade war tensions, one economic indicator showed the US economy remains resilient: Durable goods orders for July climbed 2.1% on the month, much more than expected. Excluding transportation, the orders are up 0.4%.

But that was counterbalanced with the Chicago Fed National Activity Index, which slipped further in July. It was down 0.4% compared with a flat reading in June. A negative index number represents below-trend growth.

'We believe the Chicago Fed National Activity Index remains the best indicator to gauge US recession risks,' wrote Win Thin, global head of currency strategy at Brown Brothers Harrison, in a note to investors.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 918230

Reported Deaths: 15011
CountyCasesDeaths
Marion1252491952
Lake623371084
Allen52301746
Hamilton43009443
St. Joseph41155584
Elkhart32831485
Vanderburgh29698436
Tippecanoe26442247
Johnson23106414
Hendricks21708338
Porter21255340
Clark16988222
Madison16899378
Vigo15562272
Monroe14186190
LaPorte13961235
Delaware13613215
Howard13531258
Kosciusko11150134
Hancock10534159
Warrick10431174
Bartholomew10233166
Floyd10099202
Wayne9557216
Grant8858194
Morgan8654158
Boone8231109
Dubois7521123
Henry7391126
Dearborn734186
Noble7208100
Marshall7168127
Cass7060117
Lawrence6803150
Jackson638980
Shelby6386106
Gibson5999105
Harrison587984
Huntington586490
Montgomery5663101
DeKalb555691
Knox532999
Miami523183
Clinton522464
Putnam519067
Whitley509851
Steuben480267
Wabash470192
Jasper465760
Jefferson456091
Ripley439074
Adams435565
Daviess4008106
Scott389563
White383457
Decatur376895
Clay376455
Greene375589
Wells375183
Fayette363074
Posey351841
Jennings341756
Washington324046
LaGrange312074
Spencer310734
Fountain306553
Randolph302087
Sullivan294947
Owen275961
Orange269659
Starke268961
Fulton264451
Jay248134
Perry244950
Carroll239926
Franklin229337
Vermillion225850
Rush225530
Parke212020
Tipton205354
Pike200938
Blackford163834
Pulaski155250
Crawford140818
Benton138316
Newton138141
Brown130646
Martin124416
Switzerland122310
Warren112616
Union92211
Ohio75811
Unassigned0461

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1319265

Reported Deaths: 21265
CountyCasesDeaths
Franklin1480641537
Cuyahoga1311202313
Hamilton948871307
Montgomery647451122
Summit548531041
Lucas49502853
Butler45993649
Stark39954963
Lorain30438525
Warren29170326
Mahoning25988629
Clermont24726278
Lake24088411
Delaware21722140
Licking19822239
Fairfield19780218
Greene19671266
Medina19208285
Trumbull19195506
Clark17188321
Portage15585224
Richland15540228
Wood15187208
Allen13654254
Miami13283244
Muskingum11821148
Wayne11448234
Columbiana11100239
Tuscarawas10388264
Marion10273144
Pickaway10162128
Scioto9766124
Erie9479170
Ross8979172
Lawrence8225116
Hancock8105140
Ashtabula8083184
Geauga7976155
Belmont7791183
Jefferson7093168
Huron7087125
Union703549
Washington6823116
Athens666163
Sandusky6608132
Darke6394135
Knox6308120
Seneca6113135
Auglaize569888
Ashland5631110
Shelby555799
Mercer545188
Brown533067
Defiance5278100
Madison527368
Crawford5148113
Highland514876
Fulton508781
Clinton505379
Logan494582
Preble4788110
Putnam4733106
Guernsey439057
Williams437281
Champaign426463
Ottawa425783
Perry414051
Jackson402259
Pike367140
Morrow359149
Fayette353951
Coshocton345064
Hardin341868
Adams338864
Gallia329254
Holmes3148107
Henry312668
Van Wert299269
Hocking280467
Wyandot271858
Carroll250451
Paulding231742
Meigs197842
Monroe178649
Noble160340
Morgan153528
Harrison145740
Vinton130217
Unassigned05
Fort Wayne
Partly Cloudy
54° wxIcon
Hi: 81° Lo: 54°
Feels Like: 54°
Angola
Clear
51° wxIcon
Hi: 79° Lo: 55°
Feels Like: 51°
Huntington
Partly Cloudy
52° wxIcon
Hi: 80° Lo: 52°
Feels Like: 52°
Decatur
Clear
54° wxIcon
Hi: 81° Lo: 53°
Feels Like: 54°
Van Wert
Partly Cloudy
55° wxIcon
Hi: 81° Lo: 53°
Feels Like: 55°
An area of high pressure will pave the way to plenty of sunshine as we round out the work week.
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