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Stocks Move Mostly Higher For Third Straight Session - U.S. Commentary


Stocks moved mostly higher over the course of the trading day on Tuesday, extending the upward move seen over the two previous sessions.

The major averages all ended the day firmly in positive territory. The Dow surged up 256.10 points or 1.1 percent to 23,787.45, the Nasdaq jumped 73.53 points or 1.1 percent to 6,897.00 and the S&P 500 shot up 24.72 points or 1 percent to 2,574.41.

Optimism about trade talks between the U.S. and China contributed to the continued strength on Wall Street amid a second day of meetings between U.S. and Chinese officials.

The second day of negotiations coincided with an unannounced visit by North Korean leader Kim Jong Un, with some analysts saying China could use Kim's visit as a bargaining chip in the trade talks.

In a post on Twitter this morning, President Donald Trump claimed, "Talks with China are going very well!"

Later tonight, Trump is scheduled to deliver a national address on what his administration has described as a "crisis" on the southern border.

Trump has made numerous attempts to draw public attention to problems caused by illegal immigrants amid an impasse over funding for his controversial border wall.

The president has recently suggested he could bypass Congress and obtain funding for the wall by declaring the situation on the border a national emergency.

Suggesting Trump's national address will be "full of malice and misinformation," Democratic leaders have demanded equal airtime to respond to the president's remarks.

House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., released a joint statement after the major broadcast and cable news networks agreed to air Trump's address.

Biotechnology, commercial real estate and transportation stocks turned in some of the market's best performances, moving higher along with most of the other major sectors.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan's Nikkei 225 Index advanced by 0.8 percent, while China's Shanghai Composite Index fell by 0.3 percent.

Meanwhile, the major European markets all moved to the upside on the day. While the French CAC 40 Index jumped by 1.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index climbed by 0.7 percent and 0.5 percent, respectively.

In the bond market, treasuries extended the pullback seen over the course of the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.4 basis points at 2.716 percent.

Trading on Wednesday may be impacted by reaction to remarks by several Federal Reserve officials as well as the release of the minutes of the Fed's latest monetary policy meeting.

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