Wall Street indices surging the first hour of the trading day on hopes of an interim trade deal, with the S&P 500 adding 1.55% at 2,983.68. The Dow Jones trading 1.45% higher at 26,881, while the Nasdaq trading 1.84% higher after positive headline news from the China-US trade relations and Brexit negotiations. President Donald Trump said on Thursday that trade talks with China were going “really well”. Meanwhile the United States Michigan Consumer Sentiment Index came in at 96 topping expectations of 92 in October.
Earlier this week Fed Chair Jerome Powell, reiterated that the Fed would “act as appropriate to support continued growth, a strong job market, and inflation moving back to our symmetric 2% objective”, leaving the door open for further cuts by the end of the year. On the data front the United States JOLTS Job Openings came in at 7.051M below expectations of 7.191M in August.
The CBOE Volatility Index or fear index is giving up 9.56% at 15.89 to confirm the positive market mood.