Stocks Just Spiked to Record Highs After China Budged on a Key US Trade Demand
According to a Fox Business report, China “issued a document to ‘effectively curb’ violations of intellectual property rights such as trademarks and copyrights.” This move is aimed at increasing the chances of a trade deal between the two largest economies. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite Indexes reached all-time highs after China’s statement.
Adam Phillips, director of portfolio strategy for EP Wealth Advisors, said “I don’t think we would be seeing these types of deals if the outlook for markets and the economy weren’t favorable. This is one additional piece we can look at to see the outlook for markets is a positive one.”
Bloomberg reported that equities climbed across Asia, “led by those in Hong Kong, where local elections brought a landslide victory to pro-democracy candidates. The dollar gained versus the euro and yen.”