Markets kicked off the week with all tree indexes–the DJIA, S&P 500, and Nasdaq–rallying slightly below or above 0.6%. The Dow ended the day up 152.94 points, the S&P logging in gains of 20.95, and the Nasdaq jumping higher than the previous two at 0.86% or 68.12 points.
Tech was the strongest performing sector, as Apple shares rose on a JPMorgan 12-month price target increase that would put Apple shares 20% above current price levels.
Despite the market ending lower last week due to President Trump’s threats of delisting Chinese companies from US stock exchanges amid ongoing US-China trade tensions, a Treasury statement over the weekend announced that the administration is currently not planning to block listing shares on US exchanges. In addition to this, economic data from China is looking much more optimistic than previously expected.
Today marks the end of the third quarter, and markets anxiously await corporate earnings data. On the interest rate front, a large number of market participants are betting on a 45% chance that the FOMC will cut rates by another 25% on October 30. The Fed’s accommodative stance–along with those of other central banks–supports higher prices for the broader market in the months ahead.
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