Reuters reports that Industrial stocks .SPLRCI, which have borne the brunt of the protracted trade war, rose 0.16 percent, helped by Boeing’s 1.9 percent jump and Caterpillar 0.4 percent rise.
“Trade has been an issue for a long time and any hint that the China-U.S. trade dispute could be resolved could make a pick up in global growth,” said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.
Meanwhile, Fed Chairman Powell is set to speak on “The Federal Reserve’s Framework for Monitoring Financial Stability” before the Economic Club of New York Signature Luncheon at 12:00 p.m. ET.
Powell has been criticized by Trump for interest rate increases and other Fed policies. His speech will be parsed for signs of rate hikes next year, especially after Fed officials cautioned over global growth outlook and markets witnessed about two months of volatility.
“There’s a lot of chatter that the Federal Reserve may reduce the amount of anticipated rate hikes in the future, and perhaps sell-off some of their balance sheet and that is helping out markets,” Forrest said.
Banking September 15, 2020