Wall Street higher af­ter US-China trade deal as­sur­ance

The Pak Banker - - MARKETS / SPORTS -

US stock in­dex fu­tures rose for a fourth straight ses­sion on Tues­day as U.S.China of­fi­cials reaf­firmed their com­mit­ment to a Phase-1 trade deal, adding to mar­ket op­ti­mism from signs of progress in de­vel­op­ing treat­ments and vac­cines for COVID-19. The pledge was made in a telephone call, the first for­mal di­a­logue since early May be­tween the two sides, and came amid grow­ing con­cerns that the deal could be on shaky ground be­cause of wors­en­ing re­la­tions.

The S&P 500 and Nas­daq logged new clos­ing highs on Mon­day. The bench­mark in­dex sur­passed its pre-pan­demic high last week even as re­cent eco­nomic data pointed to a wob­bly re­cov­ery from the virus-led down­turn.

Later in the day, a sur­vey from the Con­fer­ence Board is ex­pected to show U.S. con­sumer con­fi­dence im­proved slightly in Au­gust af­ter fall­ing more than ex­pected in July amid a flare up in coro­n­avirus cases.

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