U.S. markets continued their assault on prior all-time highs on Thursday after President Trump announced a 2-week delay to the increased tariffs on $250 billion worth of Chinese imports expected on October 1st to the 15th.
The good faith gesture renewed hoped of resolving a more than yearlong international trade dispute and comes ahead of next month’s scheduled meeting at the White House.
The Nasdaq gained 0.3% following the morning run to 8,243. Prior and lower support at 8,250-8,300 was challenged but held with a close above the latter and the all-time high at 8,339 opening up blue-sky territory towards 8,450-8,500.
The S&P 500 was also higher by 0.3% after extending its winning streak to 3-straight sessions while kissing a midday high of 3,020. Major resistance at 3,025 and the late July closing high held with upside potential towards 3,050-3,075 and new all-time highs on a move above 3,028.
The Dow posted its 7-straight win after adding 0.2% and reaching an intraday peak of 27,306. Major resistance at 27,250 was cleared but held with a close above the July all-time high at 27,398 getting 27,500-27,750 in focus.
The Russell 2000 slipped less than a point, or 0.04%, after trading mostly lower throughout the session and stalling at 1,580. Fresh and upper support at 1,570-1,555 was breached but held following the intraday backtest to 1,562 with a move below 1,540 signaling a near-term top.
Materials were the strongest sector after rallying 0.8% while Real Estate and Financials gained 0.6%. Energy was the main sector laggard after falling 0.6% while Healthcare dipped 0.03% to round out the losers.