Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average rose Monday after U.S. stocks posted their first weekly gain in four weeks.
- The Dow and S&P 500 were having their worst December since 1931.
- Donald Trump said "big progress" was being made in trade talks between the U.S. and China.
Wall Street Overview
Stocks rose Monday, Dec. 31, the last trading day of 2018, after Donald Trump tweeted over the weekend that "big progress" was being made in trade talks between the U.S. and China.
Just had a long and very good call with President Xi of China. Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!- Donald J. Trump (@realDonaldTrump) December 29, 2018
The two nations previously agreed to a temporary tariff truce at least until March, putting on hold the Trump administration's plans to raise tariffs of some $200 billion worth of Chinese imports from 10% to 25%.
Meanwhile, a Chinese Foreign Ministry spokesman was quoted by the official Xinhua News Agency as saying that "China stands ready to work with the United States to move forward the China-U.S. ties which are underpinned by coordination, cooperation and stability."
The Dow Jones Industrial Average rose 265, or 1.2%, to end at 23,327. The S&P 500 rose 0.85%, and the Nasdaq rose 0.77%.
For the month, the Dow fell 9.7%, its worst December since the depths of Great Depression.
For the year, the Dow fell 5.6%, the S&P 500 fell 6.2% and the Nasdaq fell 3.9%.
Amazon.com Inc. (AMZN) reportedly plans to build and expand Whole Foods stores across the U.S. to put more customers within range of the e-commerce giant's two-hour delivery service.
The push would bring Whole Foods to more suburbs and other areas where the company is quickly adding customers since Amazon bought it in 2017 for about $13.5 billion, The Wall Street Journal reported.
Amazon rose 1.6%.
Luxury apparel maker Michael Kors Holdings Ltd. (KORS) said Monday it was changing its name to Capri Holdings Limited and will begin trading under the ticker symbol "CPRI" on Wednesday, Jan. 2.
The announcement came after the company said it completed its acquisition of fellow luxury brand Versace for about $2.12 billion. The stock rose 2%.