Weekly Financial Market Update - December 13, 2019
December 16, 2019
U.S. equity markets ended an eventful week on a higher note driven primarily by positive trade news and unchanged monetary policy rates from the Federal Reserve and the European Central Bank. The S&P 500 climbed 1.1% for last week to extend the index’s year-to-date gains to 26.4%.
U.S. and Chinese officials announced a limited preliminary agreement to halt the trade war, with President Trump removing the threat of new tariffs and Beijing agreeing to new economic rules and increased purchases of American farm goods.Under “phase one” of the agreement, Trump said that a 25% tariff that the U.S. placed on $250 billion of Chinese products will remain in effect, but the 15% tariff put on $120 billion of products will be cut in half to 7.5%.
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