The S&P 500 is on the verge of another record

admin October 28, 2019

9 1 minute read

The S&P 500 is on the verge of another record

Hopes for progress on the US-China trade front promote stock markets higher worldwide. The US Commerce Representative's office said late last week that the world's two largest economies had made progress in concluding a "phase one" trade agreement.

President Donald Trump told reporters Monday that the United States is ahead of schedule. sign the agreement.

Trump tweeted that the stock index "only hit a high time," minutes after the opening clock. "This is a big win for jobs, 401-ks, and frankly everyone," he said.

S&P admittedly hit an intraday high at all times, but the record will only count if it ends the day at an Always High at 4 PM ET when the market closes.

Although nothing is guaranteed in the stock market, today is a lucky day: October 28 is historically the best day of the year for equities, according to senior LPL Financial strategist Ryan Detrick. S&P 500 shares rose 0.54% on average October 28 between 1[ads1]950 and 2018.

Dow ( INDU ) climbed 0.6%, or some 170 points. The index was still around 1.5% below record highs July at the close of Friday.

Nasdaq Composite ( COMP ) is also up, trading 0.7% higher. The index is about 1% below the all-time high from July.

"Shares may also be based on expectations Fed Chair Powell will deliver a third in a row and remain data-dependent if more is warranted," said Edward Moya, senior market analyst at Oanda.

The Federal Reserve's monthly meeting is scheduled for Tuesday, ahead of its monetary policy decision Wednesday at 2 PM ET. The chances of a further quarterly rate cut are 94%, according to CME FedWatch Tool. It would be the third interest rate cut this year.

"The Fed cannot afford yet another market disruption and policy failure, and judging by a stronger curve, the financial markets are convinced that the Fed will remain accommodating," Moya said. [19659013]

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