A news item citing one Chinese official who made mention of a need to come back to the negotiating table raised hopes of a trade détente and caused the market to rise from the ashes of Wednesday’s sell-off. This sent the NASDAQ Composite Index to all-time highs on Thursday on higher volume, keeping the market’s uptrend alive. Friday’s action slowed, but the index still closed relatively tight and at another all-time high.
The S&P 500 Index also reversed course to post consecutive higher highs on Thursday and Friday, and remains less than 3% away from achieving all-time highs of its own. If anything, the action over the past three days underscores the highly fluid, news-oriented environment we are in currently. Even the slightest shift in the news flow can snatch victory from the jaws of defeat, and vice versa, on any given day.
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