Growth in US Crude Oil

Yesterday stocks went up due to the latest tariffs on U.S. Chinese goods as results from the fear was not as bad as expected. Good profits in the tech sector also boosted the broader market. The S&P 500 gained about 0.49% to close at 2,904.30, led by consumer discretionary and industrials. The S&P 500 is also less than 0.5% down from its record high. The Dow Jones Industrial Average surged about 188 points to 26,246.94 as Nike and Boeing went higher. The 30-stock Dow also noted a 5 day winning in a row. The Nasdaq Composite went up by about 0.8% to 7,956.11 as Netflix, Amazon, Apple, and Alphabet closed in higher levels.

Markets started not paying attention to the news that China will put new tariffs of U.S. goods to the value of about $60 billion, according to a Reuters report. The new tariffs of between 5% and 10% will be on a list of 5,207 U.S. products on September 24. These Tariffs are the countermeasures from China from Monday’s actions by the U.S. administration. Last Tuesday, the US President Trump’s administration said that it will impose 10% tariffs on about $200 billion of imports from China and that will be implemented on September 24. Trump also said that if a new trade deal isn’t in place before the end of the year, the tariffs would rise to 25% on January 1, 2019.