The first phase of the U.S.-China trade deal is signed, which led stocks up and more in Wednesday’s Closing Bell on Money and Markets.
The world’s two biggest economies came together Wednesday as President Donald Trump signed phase one of a trade deal with China.
The deal includes a $200 billion increase in Chinese purchases of U.S. goods over the next two years and provisions to boost access to the Chinese market for financial service firms.
The U.S. is also removing the currency manipulator label off China and the halting of intellectual property theft and technology transfers in China.
Money and Markets: Closing Bell*
S&P 500: 3,289 (+6 points, +0.2%)
DOW: 29,030 (+90 points, +0.3%)
NASDAQ: 9,258 (+7 points, +0.08%)
GOLD: $1,555.60 (+9.50, +0.6%)
BITCOIN: $8,825.97 (+98.04, +1.1%)
U.S. 10-YEAR YIELD: 1.78%
*- as of 4:14 p.m.
A Big Win
In today’s Wall Street Wake-Up, we told you that Target Corp. (NYSE: TGT) reported “disappointing” holiday sales. As a result, Target shares closed down 6.5%.
Shares of BlackRock Inc. (NYSE: BLK) finished up 2.1% Wednesday afternoon after the company beat earnings and revenue estimates in its recent quarterly report.
UnitedHealth Group Inc. (NYSE: UNH) saw its shares jump 2.8% after it’s quarterly earnings beat Wall Street estimates. The jump was despite revenue falling below forecasts.
M&A News
Teledoc Health Inc. (NYSE: TDOC) is acquiring fellow virtual health care provider InTouch Health for $600 million. Shares of Teledoc fell 2.9%.
Golden Nuggets
Even as U.S. equities markets were up Thursday, so were safe haven precious metals.
Gold was up $9.50 to $1,550.60 an ounce — reclaiming some of the losses from the past few days — in afternoon trading. Silver jumped closer to the $18-an-ounce market to $17.98 while platinum was up 35 to $1,016 an ounce.
Cannabis Corner
Cannabis-related stocks were up significantly Wednesday afternoon.
Aurora Cannabis Inc. (NYSE: ACB) which had experienced losses since the first of the year, jumped 14.5% Wednesday afternoon. Fellow cannabis giant Canopy Growth Corp. (NYSE: CGC) rose 4.4% and Cronos Group Inc. (Nasdaq: CRON) jumped 5.7%.
Stock Market Update
U.S. markets moved slightly up Wednesday afternoon as Trump and China signed the phase one trade deal.
The S&P 500 index rose 0.19%. The Dow Jones Industrial Average rose 90 points, or 0.3%, to 29,030, which is its first close above 29,000 points. The Nasdaq rose 0.08%.
Today’s Big Winners:
Coty Inc. (NYSE: COTY) +6.2%
Mylan NV (Nasdaq: MYL) +4%
UnitedHealth Group Inc. (NYSE: UNH) +2.8%
Mohawk Industries Inc. (NYSE: MHK) +3.7%
Exelon Corp. (Nasdaq: EXC) +1.6%
Today’s Big Losers:
Target Corp. (NYSE: TGT) -6.5%
Align Technology Inc. (Nasdaq: ALGN) -4.7%
HollyFrontier Corp. (NYSE: HFC) -3.8%
Valero Energy Corp. (NYSE: VLO) -3.2%
Western Digital Corp. (Nasdaq: WDC) -3.6%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.
Don’t forget about “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.