Thursday , October 28 2021

Strong Wall Street Rise After Customs News


Wall Street opened in red on Tuesday, but just minutes after it opened the news that on September 1, the United States was releasing certain goods from customs against China, which sent all benchmarks.

In particular, consumer-related electronics are being missed by the new tariff.

Items such as cell phones, game consoles, computer monitors, laptops and some shoes and clothing should be among the items to be spared.

According to the USTR report, "health, safety, national security and other factors" are the reason why certain product categories are kept out of customs barriers.

Sales representatives from the United States, however, stress that in principle the decision is firmly to impose a 10 percent duty on a number of Chinese imports from 1 September. However, for many types of goods, duties are imposed on ice and will only apply on December 15.

Customs news helped stifle fears of a protracted trade war that came to life a few weeks ago when Trump announced a new $ 300 billion tariff on China.

"The opportunity for the US and China to get the talks back on track gives them hope that they can actually come to a deal," said Phil Flynn of Price Futures Group, according to Reuters.

Otherwise, Tuesday's data shows US consumer prices rose 0.3% in July compared to the previous month. On an annual basis, prices increased by 1.8 percent.

The Consumer Price Index was expected to increase by 0.3% on a monthly basis, while it is expected to increase by 1.7% on an annual basis, according to our macro calendar.

The Dow Jones rose 1.42 percent to 26,275.24.

22 of the 30 stocks in the index rose, while six remained unchanged.

Today's winner was Apple, which rose 4.23 percent. Apple is likely to benefit from the exemption.

Other trading sensitive stocks such as Nike and Caterpillar rose 2.05 and 1.99% respectively.

Exxon Mobil and Chevron rose 1.21 and 0.73 percent after a sharp rise in oil prices.

McDonald's rose 1.17 percent after MKM Partners took stock coverage and recommended purchases, according to CNBC.

The two stocks that fell were Boeing and Pfizer, down 0.02 and 0.57 percent respectively.

The Nasdaq ended 1.95 percent to 8,016.36.

Facebook rose 1.66 percent, while Amazon rose 2.21 percent.

Alphabet (Google) increased by 1.89 percent.

Trade-sensitive chip maker Micron rose 4.84 percent.

Tesla rose 2.62 percent.

The S&P 500 rose 1.44 percent to 2,925.33.

General Electric's stock rose 3.43 percent after it became known to CEO Larry Culp he had bought shares in the company worth three million dollars.

Southwest Airlines fell 0.26% after Argus downgraded its stock to 737 MAX issues.

The VIX, or fear index, fell 13.66 percent to 18.21 points.

Oil prices rose sharply amid heightened concerns about lower oil demand.

At the end of the US stock market, the spread between two-year and ten-year interest rates is just over one base point. 2-year-olds are up 8.5 basis points to 1.673 percent, while 10-year-olds are 3.6 basis points up to 1685 percent. The 30-year growth is 1.5 basis points to 2.15 percent.

The price of gold is 0.20 percent to $ 1514.20 an ounce.

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