US stocks continue recovery as White House walks back trade tensions, Business Insider

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US stocks continued recovering Thursday from a week of turbulence as some White House officials attempted to walk back trade escalations with China.

Here’s the scoreboard:

Dow Jones industrial average: 24,505.22 +240.92 (+0.99%)

S&P 500: 2,662.80 +18.11 (+0.68%)

AUD/USD: 0.7683 -0.0034 (-0.43%)

ASX 200 SPI futures: 5,790.5 +28.0 +0.49%

  1. The US and China indicated they’re open to negotiations on trade. The shift in sentiment on a wave of tariffs released this week seemed to calm markets, which swung sharply on Wednesday.
  2. The US dollar climbed to a three-week high, and treasuries inched above 2.80%. The dollar had been falling against other major currencies earlier this week.
  3. Jobless claims in the US rose more than expected. The labor market indicator is the highest it’s been in almost three months.
  4. Bitcoin extended losses to $6,792.71 at 4:17 p.m. ET. Major cryptocurrencies have been losing billions this week.
  5. A new cryptocurrency hedge fund is coming to the market. Travis Kling, a former Point72 portfolio manager, is looking to raise $25 million for the cryptocurrency hedge fund.
  6. Shares of Facebook, which is under fire for a massive data scandal, were up nearly 3%. The jump came after CEO Mark Zuckerberg told reporters that the turmoil hasn’t affected user behavior.

Here’s tomorrow’s economic calendar:

  • The US is releasing monthly data on nonfarm payrolls, the unemployment rate, and other labor market data.
  • Canada’s employment report for March is also scheduled for release.



Source

Business News

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