CNBC reported earlier that the White House would not cut tariffs unilaterally, but after discussion and a deal with China. A headline from the White House is now confirming that saying:
- White House would look at lowering tariffs on Chinese imports pending talks with Beijing
- Any steps would be in conjunction with China talks, not unilateral
The major US stock indices are still sharply higher but off their highest levels.
- Dow industrial average is up 908 points or 2.32% at 40098. The high price reached 40376.11.
- S&P index up 148 points or 2.81% at 5435. The high price reached 5469.69.
- NASDAQ index up 580 points or 3.55% at 16882. The high price reached 16994.82.
Technically at session highs, the NASDAQ index got close to its falling 200-hour moving average at 17013.45. The high price got within 19 points of that key moving average level. The price has not traded above its 200 hour moving average cents February 21, 2025. Getting above that moving average would increase the bullish bias. On the downside, the 38.2% retracement of the move down from the end of December all time high comes in at 16854.68. The current price is just above that level.
This article was written by Greg Michalowski at www.forexlive.com.
