US close: Markets green as Trump undermines dollar
Wall Street trading finished in the green on Tuesday, despite Donald Trump's best efforts to talk down the dollar earlier in the day.
Dow Jones I.A.
38,305.72
04:30 15/10/20
Nasdaq 100
17,708.21
10:15 29/04/24
The Dow Jones Industrial Average added 0.25% to 25,822.29, the S&P 500 rose 0.21% to 2,862.96, and the Nasdaq 100 was 0.25% higher at 7,397.23.
Earlier, the Dow climbed 80 points after the bell, knocking on the door of 25,850 - 900 points away from January’s all-time high.
However, as SpreadEx's Connor Campbell pointed out, the index "really needs" the week’s US-China talks to go the right way, or "it could find its rise coming to an abrupt halt".
The US dollar weakened overnight after Trump criticised the Federal Reserve again for lifting interest rates. In an interview with Reuters, Trump said the Fed should do "what's good for the country".
"Of course it helps that the dollar was dealt a Donald overnight, a Donald being any kind of blow stemming from President Trump’s irascible nature,” Campbell said.
“With the POTUS complaining about the Federal Reserve’s recently rate-rising ways – remember, the central bank is still on track for 2 more hikes in 2018 – the greenback took a tumble, plunging 0.7% against the pound and 0.5% against the euro.
“That left cable near $1.287 and the single currency above $1.15, both near fortnightly highs," said Campbell.
Trump also accused Europe and China of manipulating their currencies again.
The US President claimed China was doing so to make up for having to pay US tariffs.
He also said he did not expect much from the US-China trade talks later this week and that he has no time frame for ending the dispute.
“Two problems beset investors this morning, and both (unsurprisingly) emanate from the White House,” said Chris Beauchamp, chief market analyst at IG.
“First, Trump's interview with Reuters regarding his low expectations for the China talks, while a sensible position to take ahead of the talks, seems to suggest the president is happy to keep this pot boiling over for the foreseeable future, applying pressure to a Chinese government that is trying to battle tariff wars and manage a fundamental realignment of the national economy.”
In corporate news, Kohl's reversed earlier losses to rise 1.71% after the department store chain's second-quarter earnings beating profit and sales expectations, while food manufacturer JM Smucker lost 6.62% after its quarterly sales missed expectations.
Coty tumbled 7.02% after the beauty products maker's quarterly sales fell short of estimates.
Elsewhere, medical device company Medtronic picked up 5.7% after it reported a 6% jump in quarterly profit, while housebuilder Toll Brothers surged 13.82% after it lifted its revenue forecast following better-than-expected quarterly numbers.
Dow Jones - Risers
Intel Corp. (INTC) $47.62 2.41%
Goldman Sachs Group Inc. (GS) $238.58 1.22%
Home Depot Inc. (HD) $200.23 1.16%
Caterpillar Inc. (CAT) $139.95 0.95%
American Express Co. (AXP) $104.81 0.94%
Nike Inc. (NKE) $82.95 0.94%
Boeing Co. (BA) $353.77 0.86%
United Technologies Corp. (UTX) $135.95 0.62%
JP Morgan Chase & Co. (JPM) $115.32 0.61%
3M Co. (MMM) $205.69 0.53%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $69.17 -1.43%
Johnson & Johnson (JNJ) $135.35 -1.12%
Coca-Cola Co. (KO) $46.22 -1.09%
Cisco Systems Inc. (CSCO) $45.78 -0.95%
Microsoft Corp. (MSFT) $105.98 -0.83%
Visa Inc. (V) $140.04 -0.64%
Pfizer Inc. (PFE) $42.16 -0.40%
McDonald's Corp. (MCD) $161.04 -0.40%
International Business Machines Corp. (IBM) $145.97 -0.37%
Unitedhealth Group Inc. (UNH) $261.71 -0.27%
S&P 500 - Risers
Discovery Inc. Class A (DISCA) $29.55 5.84%
Discovery Inc. Class C (DISCK) $27.31 5.77%
Medtronic Plc (MDT) $95.17 5.71%
PulteGroup Inc. (PHM) $29.67 5.47%
Range Resources Corp. (RRC) $15.76 5.35%
Southwestern Energy Co. (SWN) $5.50 4.96%
TJX Companies Inc. (TJX) $106.46 4.73%
Lennar Corp. Class A (LEN) $53.26 4.17%
TEGNA Inc (TGNA) $11.36 4.12%
GameStop Corp. (GME) $16.49 4.04%
S&P 500 - Fallers
J. M. Smucker Co. (SJM) $108.20 -6.62%
Hewlett Packard Enterprise (HPE) $15.78 -5.62%
E*TRADE Financial Corp. (ETFC) $58.56 -4.36%
General Mills Inc. (GIS) $46.13 -3.05%
ProLogis (PLD) $65.75 -2.95%
Estee Lauder Co. Inc. (EL) $136.63 -2.80%
Charles Schwab Corp. (SCHW) $50.17 -2.43%
SCANA Corp. (SCG) $38.01 -2.29%
McCormick & Co. (MKC) $123.86 -2.11%
Kellogg Co. (K) $72.22 -2.03%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $321.90 4.36%
Micron Technology Inc. (MU) $49.94 3.89%
Charter Communications Inc. (CHTR) $305.08 3.42%
Netflix Inc. (NFLX) $338.02 3.14%
Microchip Technology Inc. (MCHP) $85.02 3.05%
Liberty Global plc Series A (LBTYA) $27.40 2.89%
Mercadolibre Inc. (MELI) $328.45 2.72%
Liberty Global plc Series C (LBTYK) $26.62 2.70%
Intel Corp. (INTC) $47.62 2.41%
Analog Devices Inc. (ADI) $95.92 2.33%
Nasdaq 100 - Fallers
Kraft Heinz Co. (KHC) $59.84 -1.32%
Cisco Systems Inc. (CSCO) $45.78 -0.95%
Microsoft Corp. (MSFT) $105.98 -0.83%
Electronic Arts Inc. (EA) $126.76 -0.74%
JD.com, Inc. (JD) $32.80 -0.73%
Mondelez International Inc. (MDLZ) $42.56 -0.61%
Alphabet Inc. Class C (GOOG) $1,201.62 -0.51%
Cintas Corp. (CTAS) $211.94 -0.44%
Check Point Software Technologies Ltd. (CHKP) $114.31 -0.44%
PACCAR Inc. (PCAR) $67.96 -0.41%