Dow Reclaims 50,000 As Trump-Xi Meet Lifts Markets — CSCO Soars, Boeing In Focus On China Deal Hopes

• The S&P 500 hit a fresh 52-week high of 7,478, while the Nasdaq Composite rose to 26,550 during the opening session.
• President Trump invited Chinese President Xi to visit the White House in September this year.
• The Chinese President called Trump’s visit historic, adding that “the great rejuvenation of the Chinese nation” and “Make America great again” can happen simultaneously.

U.S. equities soared in Thursday’s opening trade after President Donald Trump met his Chinese counterpart, Xi Jinping, during a two-day state visit to China.

The Dow Jones Industrial Average (DJIA) jumped more than 300 points, reclaiming 50,000, while the S&P 500 index and the Nasdaq Composite rose to their new 52-week highs during Thursday’s opening trade.

The S&P 500 hit a fresh 52-week high of 7,478, while the Nasdaq Composite rose to 26,550 during the opening session.

Trump Invites Xi To White House

President Trump invited Chinese President Xi to visit the White House in September this year.

The Chinese President called Trump’s visit historic, adding that “the great rejuvenation of the Chinese nation” and “Make America great again” can happen simultaneously.

President Xi also said the U.S. and China should work together to avoid the “Thucydides Trap,” describing ties between the two nations as the world’s most important bilateral relationship.

Xi also cautioned that tensions over Taiwan could push U.S.-China relations into dangerous territory if not managed carefully.

CSCO Soars On Q3 Beat, BA In Focus On Deal Hopes

Shares of Cisco Systems Inc. (CSCO) soared over 14% on Thursday after the company’s third-quarter (Q3) results surpassed Wall Street expectations.

Cisco reported earnings per share (EPS) of $1.06 on revenue of $15.8 billion, compared to Wall Street estimates of an EPS of $1.06 on revenue of $15.6 billion, according to Fiscal.ai data.

Meanwhile, Boeing Co. (BA) shares were in focus amid hopes of an aircraft deal during President Trump’s China visit.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, gained 0.34%; the Invesco QQQ Trust ETF (QQQ) rose 0.25%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.51%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bullish’ territory.

Also See: LUNR Posts Record Revenue, $1.1B Backlog — So Why Are Investors Disappointed?

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