Stocks bounce back in early trading as investors digest U.S.-China trade upheaval
The NYSE logo is displayed at the New York Stock Exchange, Monday, May 13, 2019. By Thomas Heath Thomas Heath Local business reporter and columnist, writing about entrepreneurs and companies in the Washington metropolitan area Email Bio Follow May 14 at 11:16 AM Markets jumped Tuesday from a week-long stock swoon caused by deteriorating trade talks with China and menacing signals from the Persian Gulf.
“We saw some bargain hunting in the stock market, first with European stocks and then with U.S. stocks, which drove the market higher,” said Kristina Hooper, global market strategist at Invesco. “The move is quite modest compared to the dramatic sell-off we saw yesterday. That makes sense. It appears that trade tensions between the U.S. and China are worsening. But it’s a good sign that investors are already sniffing around for buying opportunities.
European markets bounced across the board, led by France’s CAC 40, which had pushed 1.34 percent to the positive Tuesday. Shares of chemical giant Bayer were down more than 2 percent following a $2 billion verdict against its Roundup weedkiller by a California jury. Trump, meanwhile, began expanding U.S. tariffs to blanket all $540 billion in Chinese imports. The Tuesday pause may have to do with the president still holding out the chance for a deal before the sides roll into a full-blown trade war, so markets paused.
Analysts said Tuesday that investors are resetting their holdings in anticipation that the trade anxiety was burned off in Monday’s rout.
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