Sat, May 18, 2024

DJIA Hits Record Highs, Asian Market Falls | WiBestBroker

DJIA on keyboard with miniature bull – WibestBroker

The Dow Jones Industrial Average (DJIA) inched up to a new record. However, Asian stock markets didn’t go with the flow, falling on trade war concerns.

 

The Dow gained 30.52 points, or 0.1%, to 27,492.634, as it tracks blue-chip stocks trading in the green.

 

Meanwhile, the NASDAQ composite gained 1.48 points, or lower than 0.1%, to 8,434.68.

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Asian markets weren’t as robust yesterday. As a result, the MSCI’s broadest Asia-Pacific shares ex-Japan dropped 0.12%.

 

Shares in Australia slipped 0.55%, while Chinese shares dropped by 0.25%. Over in Japan, the Nikkei stock index jumped 0.21%.

 

A similar story unveiled in Europe. The pan-European STOXX 50 futures lost 0.03%. Germany’s DAX lost 0.06%, while the FTSE futures shed 0.29%.

 

The Dow rode on the back of robust company earnings, decent economic data, and trade progress between the US-China.

 

It reached an all-time high last Monday, coming after NASDAQ and S&P 500 hit their records last week.  

 

Stock Markets Upbeat on Trade War Developments 

For NASDAQ, DJIA, and other indices, the US-China trade war deal is the primary driver.

 

Investors and traders expect the deal to remove some of the tariffs the US and China slapped on each other.

 

However, it’s still not sure where the countries’ leaders will meet to sign the agreement.

 

Still, the recent rally follows the statement from Commerce Secretary Wilbur Ross. He said that the negotiations for a “Phase One” agreement are developing.

 

The markets expected the leaders to sign the agreement at this month’s Asia-Pacific Economic Cooperation meeting in Chile.

 

However, officials postponed the meeting because of the angry protests in the country. Reps from both sides are now in search of a new location.

 

Meanwhile, the White House said that it expects the signing to happen within the same timeframe. 

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