According to Some There Won’t Be a Trade War

Yesterday's session was all about sentiment and officials expectations, as president Barack Obama spoke to the nation regarding the recent economic crisis, while the China – U.S tension also had an influence on the intraday session. The major stock indices started the session in negative territory, but quickly turned around to finish with gains. The S&P500 closed the session with a 0.63% gain, while the Nasdaq jumped higher by 0.63%. From a technical point of view, the Nasdaq continued to climb within its recent trend, closing the session just off the 1700 mark.

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The day started off on China – U.S worries, as investors began to speculate that recent actions by the two governments could lead to a trade dispute between the two. One must note that the U.S has recently imposed tariffs on Chinese tire imports. During yesterday’s session China released that it will open a probe regarding the possible dumping and subsidies of chicken auto products from the U.S.

President Obama countered the negative session by stating, that job losses are bottoming out and that the new impositions will not spark a trade war. According to Bloomberg news, President Barack Obama stated that he is very optimistic about the U.S getting a set of rules in place that will prevent another kind of crisis that the U.S economy has experienced. Even though he did mention that the U.S economy is far from out of the woods, his overall tone was optimistic regarding the economic future.

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