Stocks today moved higher after gubment officials said the US would not restrict Chinese companies from being listed on US exchanges. News on Friday indicated that Chinese companies might be excluded from US exchanges which could limit capital flows to China and possibly escalate the trade war. This news on Friday had been partly responsible for a 70-point selloff but today that reversed, and the Dow closed up 96 at 26,916. Trading volume was light.
While protests rage in Hong Kong, China will celebrate its 70th birthday tomorrow with a big military parade including tanks, rockets and maybe even a slingshot. China has recently upped its purchases of American pork and soybeans to the highest level since April. Soybean prices jumped 2.4% today in trading.
Oil prices continue to slide as oil bears beat up on oil bulls. Saudi Arabia's Crown Prince Mohammed bin Salman warned in an interview on 60 Minutes that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran. But he added that he would prefer a political solution to a military one. This comment removed the “war premium” on oil since bulls had expected some type of direct retaliation after the attack two weeks ago. The comments made in the interview by MBS sent WTI crude prices down over 3% to $54.14 per barrel.
See our Facebook page for pictures of yesterday’s double Eagle Court of Honor where two boys celebrated their attainment of the highest rank in Scouting. Only 4% who join scouts make it to Eagle. The event was well attended with a happy crowd of 150 people cheering and eating food at the local Elks Lodge. One of the Scouts getting his Eagle had moved to Seattle in 2014 from Durham, NC and his very first Scoutmaster flew in for the event. This guy is an ex-naval aviator who flew A6’s off a carrier deck and has been Scoutmaster for troop 471 in Durham, NC for the past 25 years (the guy truly is nuts!) It was a fun time.