Improving manufacturing data in the U.S. and China combined with high hopes for today’s resumption of U.S.-China trade talks got the market off to a strong start on Monday. All the major indexes have moved to their highest levels since the Christmas Eve lows. Today began as another bullish gap-up open but ended as a big stalling and churning day on the NASDAQ Composite Index.
Volume was higher, as it was on the NYSE, where the S&P 500 Index posted a similar stalling and churning day at the highs on higher volume. The initial move was driven by hopes of a U.S.-China trade deal, despite a weak ADP jobs number that fell short at 129,000 news jobs vs. expectations of 178,000.
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