Finance, News, Politics

Nasdaq, S&P hit fresh highs on trade deal hopes, Amazon boost

Reuters: Traders returned from the Christmas break to Beijing’s reaffirmation that it was in close contact with Washington about the initial trade agreement, which is widely expected to be signed in early January.

President Donald Trump on Tuesday confirmed the pact would be formalized at a signing ceremony, but did not disclose a date or location.

Hopes of a breakthrough in the prolonged trade war, combined with a loose monetary policy and robust domestic data, have powered U.S. stocks to record highs in the past few weeks.

The S&P 500, which has touched all-time intraday highs in two out of three sessions this week alone, is about one percentage point short of its best year since 1997.
The Nasdaq was on track for an 11 session winning streak.

Festive Wall St. set to stay near record levels on trade deal hopes

(Reuters) – U.S. stock indexes were set to open near record highs on Thursday and the S&P 500 was on course for its best year since 2013 on optimism over an imminent U.S.-China trade deal.

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Finance, News, Politics, Tech

Apple hits an all-time high as China and the US reach trade deal

With the agreement between the US and China, Apple has narrowly avoided a 15% tariff that would’ve been applied to some of its most popular products had a scheduled round of tariffs gone into effect on December 15.

That would’ve hiked the prices of some of Apple’s flagship products. The price of the iPhone could’ve gone up as much as $150, according to Daniel Ives of Wedbush, which would’ve lowered demand for the product by as much as 8%. The iPad and MacBook would also have been subject to price increases.

Apple had been pushing back against the potential tariffs. In November, the company filed requests to be excluded from the December 15 round of tariffs, according to Bloomberg. Even President Trump said that he was looking into whether or not Apple should be exempt from the tax during a November visit to Apple’s Texas facility.

The company has a majority of its supply chain in China, including a main iPhone assembly plant in Zhengzhou that is responsible for producing half of the iPhones in the world.

If the increase in Apple’s stock price holds through the end of trading Friday, it will mark a four-day streak of gains for the company. Earlier in the week, Apple was unseated as the world’s most valuable company when its roughly $1.2 trillion market valuation was beaten by Saudi Aramco, which now has a market capitalization of more than $2 trillion.

Apple hits an all-time high as China and the US reach a phase one trade deal

Shares of Apple rose as much as 1.3% Friday to a fresh all-time record as China and the US reach a phase one trade deal that includes some tariff relief. With the agreement between the US and China, Apple has narrowly avoided a 15% tariff that would’ve been applied to some of its most popular products had a scheduled round of tariffs gone into effect on December 15.

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