Wall Street was set to open higher on Monday amid rising hopes that the United S...
- Wall Street was set to open higher on Monday amid rising hopes that the United States and China would reach a trade deal as early as this month.
The two countries appear close to an agreement that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, as Beijing makes pledges on structural economic changes and eliminates retaliatory tariffs, a source briefed on the deal talks told Reuters. “Futures are modestly higher on the notion that there is some deal to be had with China and the U.S. The market is not celebrating yet because the deal isn’t revealed,” said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh, Pennsylvania.
Last week, the Nasdaq posted its longest run of weekly gains since late 1999. Meanwhile, the S&P 500 breached 2,800 level several times last week before closing above that mark on Friday for the first time since Nov.8. Tesla Inc rose 1.4 percent after Chief Executive Officer Elon Musk said the electric carmaker would unveil its Model Y on March 14.
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