U.S. stocks continue to trade well into Tuesday after more news from China's Ministry of Commerce stated that Vice Premier Liu He had positive talks with U.S. trade negotiators Robert Lighthizer and Steven Mnuchin earlier in the morning. The Dow Jones Industrial Average also recorded a new intraday high of 28,129.74 during trading hours.
Here's how the stock market closed Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
According to China's Ministry of Commerce's statement, "The two sides discussed how to resolve each other's core concerns, reached consensus on how to resolve related issues, and agreed to maintain communication on the remaining issues in the first phase of agreement negotiations." The two sides are under a deadline that is approaching quickly; There is just under three more weeks until an addition tariff of 15% on about $156 billion worth of Chinese goods is set to take effect on December 15. If they the two cannot come to an agreement before then, the recent trade negotiations may have meant nothing for the progress of a trade deal.
In U.S. Economic News, the Commerce Department's U.S. advance goods trade deficit narrowed in October to $66. 5 billion, which was a large drop from September's reading of $70.5 billion. This deficit was driven by a decline in imports. According to the latest S&P CoreLogic Case-Shiller 20-City Composite Index, home prices in 20 major U.S. cities also rose more than expected in September over the last year. The property value index rose 2.1%.
In U.S. Stock Sector News, most sectors are making positive growth as the market moves into the mid-week. The many that saw share gains Tuesday include Real Estate +1.44%, Consumer Staples +0.82%, Consumer Discretionary +0.81%, Materials +0.52%, Utilities +0.38%, Communication Services +0.36%, Industrials +0.30%, and Information Technology +0.07%. The few that saw share losses during trading today include Energy -1.01%, Financials -0.12%, and Health Care -0.07%.
Lastly, in Commodity and Currency News, prices for oil barrels continue to climb in current markets. West Texas Intermediate's price increased almost 0.80% and Brent Crude's price jumped almost 1%. Natural Gas prices conversely continue their steep decline, with the Henry Hub prices dropping -2.5%. Gold prices today saw a healthy increase, with the cost per ounce soaring around +0.50%. Finally, the U.S. Dollar has lost its short winning streak, with the DXY Index slightly declining -0.05%.
