Stocks closed near session highs today after tensions in Hong Kong eased. All 11 sectors in the S&P 500 ended higher as the index gained 1.1% overall. The Dow increased by 0.9% and the Nasdaq jumped 1.3%.
in Hong Kong soared around 4% on reports overnight that the withdrawal of the bill was imminent. The iShares MSCI Hong Kong ETF gained 4.5% and posted its biggest one-day rise since Sept. 8, 2015 when it rose 5.4%.
The bill's withdrawal is seen as a positive because protest escalation was seen as a potential disruptor to the global economy. Some investors feared the protests could hinder U.S.-China trade talks. "While the initial response to Lam's speech was a thumbs down, with the main dispute taken off the table things should calm down," said Peter Boockvar, chief investment officer at Bleakley Advisory Group. "The big picture issues though remain between the two and will only intensify further in coming years as we approach the 2047 handover but for now, move on.
"This is an easing of economic woes in China," said Peter Cardillo, chief market economist at Spartan Capital Securities. This is "triggering a relief rally after yesterday's declines.". It marked the latest escalation in a long-running trade war between the world's two largest economies. Sentiment also got a boost after New York Federal Reserve President John Williams said in a speech the central bank will act as appropriate to sustain the current economic expansion. He added that low inflation is "
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