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Wall Street higher for third straight day and bulls eye DJIA's 50% retracement Fibo of Dec's decline at 23765

  • The Dow Jones Industrial Average DJIA added around 256 points, or 1.1%, to close at 23,788.
  • The Nasdaq Composite also added 1.1% to end around 6,897.
  • The S&P 500 climbed 1% to finish near 2,574.

Wall Street was closing higher for a third straight session on Tuesday, with real estate and internet stock leading the way. Bulls were encouraged by the progress reported surrounding the trade talks between Beijing and Washington and were especially enthused by the fact that Chinese President Xi Jinping’s top policy aide, Premier Liu He, made an appearance on Monday.  It was reported that China approved five genetically-modified crops for import that could help increase Chinese imports of U.S. agricultural goods, including corn and soybean strains developed by DowDuPont Inc.

 In further corporate news, stocks of Boeing Co. BA, stood out on the upside after the aerospace firm reported fourth-quarter aeroplane deliveries were above expectations. Boeing added +12.42 points or 3.79% while Verizon Communications Inc added +1.66 or 2.93%. Johnson & Johnson put on +2.95 or 2.32%. As for the worst performers, Chevron Corp lost -0.49 points or -0.44% while Travelers Cos Inc/ dropped -0.46 or -0.39% and Goldman Sachs Group Inc lost -0.6 or -0.37%.

As for data, small-business optimism fell in December, which decreased 0.4 points to a seasonally adjusted level of 104.4, its lowest in 14 months. Elsewhere,  the Labor Department reported that the number of new job openings fell to its worst level since June, at 6.89 million, down from 7.13 million in October.

DJIA levels

Technically, bulls have the 50% retracement Fibo of Dec's decline at 23765 in their sights. Bulls have both the daily MACD and RSI drifting higher in their favour. 

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