Wall Street’s favorite game of ‘Let’s Make a Deal’ heads to the next round.
The Dow Jones Industrial Average, Nasdaq and S&P 500 all reached record highs following a tweet from President Donald Trump on you guessed it, China trade. America’s tweeter-in-chief told his 67.5 million followers that the U.S. negotiating team was “very close” to making a “BIG” deal with China.
It’s no secret why stocks surged, as fears concerning the ongoing trade war, and the upcoming December 15 tariff deadline in particular, have pressured the markets heading into the end of the year.
Although tempting to discount the tweet as another fruitless statement from Trump, Jim Cramer said it’s a little different this time. Why? Cramer said unlike in the past where the president was quick to note that China badly wants a trade deal, this time around, Trump said both sides are adamant about seeking a resolution to the trade war.
To get to this point, Cramer said that China must have put some serious concessions on the table. “Something definitely happened here,” Cramer said, adding “the president had a different view a few days ago.”
Are we closer than ever to a trade deal? Only time and the next tweet from the president can tell.
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