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Stocks Keep on Rollin

Posted 11/08/2019 8:46AM CT | Jeff Yasak

Markets are slightly lower this morning after another record breaking day in the U.S. stock market on Thursday. Markets rallied after a Chinese official said that the U.S. and China have discussed rolling back tariffs, reporters were told these could happen even before the first trade deal is signed. In October the two sides agreed to a preliminary deal. The Dow ended up 0.7%, 182 pts and the S&P 500 up.03%, both were new all-time closing highs. Priscilla Thiagamoorthy, an analyst at BMO stated “”For almost two years now, the US/China trade tussle has posed the biggest headwind to global growth. But with promising signs of progress on the trade front, a shift in global central banks to easing (including three consecutive rate cuts by the Fed this year), and mostly better-than-expected corporate profits, US stocks were pushed to all-time highs,”

Support is checking in today at 307300 and 305900 with resistance showing 309900 and 311200.

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Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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