U.S. stocks rise on trade, rate cut optimism; set for hefty monthly gains
U.S. stocks rose Monday, ending a strong month on a positive note on further trade optimism, while President Donald Trump’s tax cut bill advanced in the Senate, News.az reports citing Investing.
At 09:35 ET (13:35 GMT), the Dow Jones Industrial Average traded 175 points, or 0.4%, higher, the S&P 500 index gained 15 points, or 0.3%, and the NASDAQ Composite rose 50 points, or 0.3%.
All three benchmark indices are on course for hefty gains this month, helped by the announcement of a trade agreement between the U.S. and China, lifting hopes that trade agreements could be reached before President Trump’s July 9 deadline.
This was augmented Monday by the news that Canada has rescinded its digital services tax on tech businesses mere hours before it was due to take effect, as Ottawa pushes to revitalize stalled trade negotiations with the Trump administration.
U.S. President Donald Trump used the tax as a motive last week for terminating trade discussions with Canada, but Prime Minister Mark Carney and Trump will now hold talks with the goal of reaching a trade deal by July 21, Canada’s finance ministry said.
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