The US stock market continued to rise ahead of Friday’s opening bell, with the Dow flashing triple-digit gains and its sister indices making similarly-bullish strides. Bitcoin, though, entered the day with little momentum as the cryptocurrency market demonstrated a lack of conviction.
Dow Futures Post Triple-Digit Advance
As of am 8:21 am ET, Dow Jones Industrial Average futures had gained 157 points or 0.65 percent while S&P 500 and Nasdaq futures had climbed 0.45 percent and 0.48 percent, respectively.
The three major US stock market indices had recorded solid advances on Thursday. The Dow closed at 24,370.10 after rising 162.94 points or 0.67 percent, the S&P 500 ended the session at 2,635.96 after rising 0.76 percent, and the tech-heavy Nasdaq put the 7,000 mark further in its rearview mirror following a daily gain of 0.71 percent.
Mnuchin Wants to Scale Back Trade War Tariffs: Report
The report that US Treasury Secretary Steven Mnuchin wants to scale back the trade war gave the markets a welcome jolt on Thursday. | Source: Flickr/International Monetary Fund
Thursday’s rally was partially sparked by a Wall Street Journal report that US officials had held high-level discussions about scaling back tariffs that the US had placed on Chinese imports as part of the ongoing trade war between the two economic superpowers.
According to that report, which cited “people close to internal deliberations,” Treasury Secretary Steven Mnuchin himself had proposed lifting some — or even all — of the tariffs.