Wall Street closes on trader's optimism over Sino/US trade relations
- The Dow Jones Industrial Average added 157 points, or 0.6%, to close around 24,527.
- The S&P 500 SPX, +0.54% ended higher by 0.5% at around 2,651.
- The Nasdaq Composite COMP, +0.95% ended higher by 0.9% at 7,098.
Wall Street ended higher on Wednesday due to trader’s enthusiasm over U.S.-China trade talks. President Donald Trump has said that he could potentially intervene in the arrest of Huawei Technologies Co.'s chief financial officer Meng Wanzhou, which has relieved the market's angst over Sino/US trade relations. Beijing was reported to be willing to make concessions over its flagship Made in China 2025 economic development plan which is a big issue for Trump.
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"US consumer prices were steady in November, lower gasoline prices keeping a lid on the headline. The core CPI rose a firmer 0.2% with the annual pace at 2.2% from 2.1%. This was right in line with consensus. Real average hourly earnings continue to firm, the annual rate hitting 0.8%, its strongest since mid-2017," analysts at Westpac explained.
The DJIA’s outlook has not changed with the index beneath the 38.2% and moving deeper below the 23.6% Fibos of the recent rout. Daily RSI is creeping higher although the 4hr remains biased to the downside. We have a lower high and low with the price now testing the 21-D SMA. A break there opens the 24000 psychological level.
Support levels: 24468 24129 23877
Resistance levels: 24720 25059 25311