Markets Right Now: Stocks open higher on China trade hopes

Markets Right Now: Stocks open higher on China trade hopes

Xi has repeatedly pledged his support for reform this year, as China marks 40 years since landmark economic reforms, amid mounting pressure to accelerate reforms and improve market access for foreign companies as a trade war with the United States weighs on the economy. The last time the index fell for the year was in 2008 during the financial crisis.

There was a spurt of renewed optimism on Monday, and the Dow Jones Industrial Average finished the final session with a gain of 1.2 percent at 23,327.46.

But even with Monday's boost, the three indexes ended in the red.

The leaders have also reportedly wished each other Happy New Year.

"It is not clear whether the U.S.is positioning China as a strategic competitor or a fair trade partner", the newspaper said.

The trade talks cap off a year of increasing tensions between the world's two main superpowers.

After a strong January, Wall Street was challenged for much of 2018 by tariff disputes, rising interest rates, and fears of diminishing corporate profits. Then the jitters set in.

Canada found itself caught up in the U.S.

During the Cold War in the late 20th century, with the United States pitted against the Soviet Union, Washington sought cooperation with China, believing that the Asian communist country would liberalize its economy and open its market further.

In October the market's gyrations grew more volatile.

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Health care and utilities ended as the only two positive sectors for the year.

Experts say that despite the hard year for the market, people should not fear an impending financial crisis. The Dow notched its worst period since the first quarter of 2009, falling almost 12 percent.

Nine out of 11 U.S. sectors were in negative territory at the end of Monday's session, with the energy and materials sectors leading the way downward. In return, Xi Jinping will start buying American soybean again and introduce temporarily lower retaliatory tariffs on American cars. Regeneron Pharmaceuticals rose 2.4 per cent to $371.40.

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Brent crude, the benchmark for global prices, gained 97 cents to $54.19 per barrel.

Shares were mixed Monday in subdued New Year's Eve trading.

History shows that cooperation is the best choice for both China and the United States, Chinese President Xi Jinping told USA counterpart Donald Trump on Tuesday in a congratulatory message to mark 40 years since the establishment of diplomatic relations.

"If made, it will be very comprehensive, covering all subjects, areas and points of dispute", Trump said. "Big progress being made".

THE presidents of China and the USA have exchanged messages vowing to boost cooperation despite a bruising trade war on the 40th anniversary of the countries' diplomatic relations, Chinese state media reported.

A standstill agreement reached between US President Donald Trump and his Chinese counterpart on the margins of the G20 summit at Buenos Aires in November deferred the imposition of tit-for-tat tariffs by the two countries till March.

CURRENCIES: The dollar rose to 110.36 yen from 110.28 yen last Friday. The euro strengthened to $1.1474 from $1.1442.

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