Stocks closed near session highs today after tensions in Hong Kong eased. All 11 sectors in the S&P 500 ended higher as the index gained 1.1% overall. The Dow increased by 0.9% and the Nasdaq jumped 1.3%.
in Hong Kong soared around 4% on reports overnight that the withdrawal of the bill was imminent. The iShares MSCI Hong Kong ETF gained 4.5% and posted its biggest one-day rise since Sept. 8, 2015 when it rose 5.4%.
The bill's withdrawal is seen as a positive because protest escalation was seen as a potential disruptor to the global economy. Some investors feared the protests could hinder U.S.-China trade talks. "While the initial response to Lam's speech was a thumbs down, with the main dispute taken off the table things should calm down," said Peter Boockvar, chief investment officer at Bleakley Advisory Group. "The big picture issues though remain between the two and will only intensify further in coming years as we approach the 2047 handover but for now, move on.
"This is an easing of economic woes in China," said Peter Cardillo, chief market economist at Spartan Capital Securities. This is "triggering a relief rally after yesterday's declines.". It marked the latest escalation in a long-running trade war between the world's two largest economies. Sentiment also got a boost after New York Federal Reserve President John Williams said in a speech the central bank will act as appropriate to sustain the current economic expansion. He added that low inflation is "
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow rises 200 points as Hong Kong tensions ease, China signals stimulusU.S. stocks rebound Wednesday as investors shake off weak data from a day ago and focused on signs of easing tensions in Hong Kong and the retrenchment of a...
Read more »
What to watch today: Dow to rise, Hong Kong bows to protesters, and NRA slams WalmartThe Dow, a day after losing 285 points, was set to advance about 200 points at the Wednesday open on Wall Street.
Read more »
FTSE jumps on optimism over Brexit, Hong Kong unrestLondon's main index vaulted to a one-month high on Wednesday, as Asia-expos...
Read more »
Hong Kong Leader Carrie Lam Withdraws Extradition BillHong Kong leader Carrie Lam has bowed to demands from anti-government protesters to scrap a controversial extradition bill. Her refusal to resign or address alleged police brutality sets the stage for new protests.
Read more »
Factbox: Some in Hong Kong see bill's withdrawal too little, too lateHong Kong leader Carrie Lam on Wednesday announced the withdrawal of an extradit...
Read more »
Hong Kong Leader Carrie Lam Withdraws Extradition BillHong Kong leader Carrie Lam has bowed to demands from anti-government protesters to scrap a controversial extradition bill. Her refusal to resign or address alleged police brutality sets the stage for new protests.
Read more »