Wall Street opens positive amid improved sentiment; Dow jumps to record high

Chris L
Category:  Financial News
The US stocks market opened Thursday with significant gains as investors' confidence has improved today and trade war concerns are fading. The Dow Jones surpassed January highs, S&P 500 is at maximums too, and the NASDAQ is rallying with Apple leading the path. 

Following the latest steps on the escalating trade war between the United States and China, the market breath calm as they saw the tariffs and the retaliation not as bad as they feared. On Thursday, risk appetite has returned to market and investors are pushing indexes to record highs. 

"With the fear over trade between the world’s two largest economies seeming to have lessened, that leaves market participants to focus on a U.S. economy that is apparently healthy, inflation that isn’t troublesome and corporate earnings that by and large are solid," said TD Ameritrade Chief Market Strategist.

When it takes to economic data, the Philadelphia Fed Manufacturing Index jumped to 22.9 in September from 11.9 in August; well above market expectations of a rise to 17. 

Initial jobless claims declined by 3K to 201K in the week of September 14; against expectations of an increase to 210K in the same week. Continuing jobless claims dropped to 1,645,000 in the week of September 7 from the revised 1,700,000 in the previous week. Market expected an increase to 1,705,000.

On stocks, the Dow Jones Industrial Average is rising 223.10 points or 0.84% to jump to 26,654.19. The DJIA has gained 1.85% in the last five trading days to its current all-time high levels. 

The S&P 500 is trading 0.63% positive on Thursday after climbing 18.30 points to its current level at 2,926.25, record high too. IN the last five sessions, the S&P 500 has won 0.72%. 

The NASDAQ Composite crossed above its 20-day moving average as it is advancing 0.88% or 70 points to trade above the 8,000 level at 8,020.04. The composite is almost flat in the last five trading days. 

Most sectors are higher on Thursday with only the industrial component performing loses. Thought it is almost flat at 0.03% negative, the Industrial companies are the only negative one. 

The leaders are the materials sector with a 0.45% daily gain to break above its 200-day moving average; the telecommunication services with 0.39% advance; and the healthcare sector with an increase of 0.30% so far on Thursday. 

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