FAST FIVE: Stocks Hit Session Highs After Trump Says March 1 Not A "Magical Date" For China Deal
Stocks climbed to fresh session highs Tuesday afternoon after yet another bullish – if repetitive – trade-related headline hit the tape.
Responding to a question posed by a reporter following the start of the latest round of US-China trade talks, Trump said that the March 1 “hard deadline” for raising tariffs on $200 billion on Chinese goods is not a “magical date” for reaching a trade deal with China – yet another hint that the White House is planning to extend the talks, to the consternation of China hardliners like US trade rep Robert Lighthizer, who has been charged with leading the US delegation.
“There are very complex talks,” Trump says about ongoing negotiations with the world's second-largest economy “They are going well.
We are asking for everything that anyone has ever suggested.” As markets build on their best start to a year in decades, and prepare for the 9th consecutive week of gains, this headline was just the latest reminder for Trump that all he needs to do to pump stocks higher is remind the market just how “well” talks are going, no details necessary.
And, since it keeps on working, Trump will keep on saying just that, day after day, until the S&P hits 2,800 on nothing but hope.