Stocks shot higher on the day after positive trade news came out. Banks were market leaders. At the close the Dow was up 220 at 26,132 on heavy trading volume.
The phase one trade deal with China appears near completion but as we all know things can change on a dime so its not over till its over and even then, it might not be over. The deal reportedly agreed to in principle still requires the president's signoff. It includes China's commitment to buy more farm products, protect intellectual property and opens the Chinese market for financial services. At the same time, the United States reportedly has agreed to cut tariffs imposed last fall and defer tariffs that could have been imposed on Sunday. If a deal actually gets done it will benefit energy and material sectors because it is expected to boost sagging global economic growth. Oil and gas stocks have risen in the face of a potential trade deal as well as steel, timber and copper.
The Scout Tree lot is going very well. We are more than halfway through the trees we ordered. Last night it was raining like a cow peeing on a flat rock and all the lunkheads got soaked. Two of our growers have had trees in the White House so the quality is good, and people appreciate that. Here is a link to the Troop 100 Tree Lot Facebook page. In one picture you can see a salamander on a tree. These of course come free with no extra charge. I am volunteering at the tree lot this afternoon.