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Dow Hits Six-Day Win Streak as China Makes Tariff Exemptions


Here Are 3 Hot Things to Know About Stocks Right Now

  • The Dow Jones Industrial Average extended its winning streak to six days Wednesday, closing above 27,000 after China said it would allow some exemptions to additional tariffs on U.S. imports.
  • Apple (AAPL) unveiled three new versions of its iPhone at its annual fall event. Apple is Real Money’s Stock of the Day.
  • GameStop ( GME) shares sank after the video game retailer posted a wider-than-expected second-quarter loss and lowered its full-year profit guidance.

Wall Street Overview

Stocks finished higher Wednesday, with the Dow Jones Industrial Average marking a six-day winning streak, after China said it would allow some exemptions to additional tariffs on U.S. imports as the two side prepared to restart trade talks.

The Dow finished up 227 points, or 0.85%, to 27,137, trading above 27,000 for the first time since July 30, the S&P 500 rose 0.72% to close just above 3,000 and the Nasdaq gained 1.06%.


Boeing ( BA) led the Dow’s advance, followed by Apple ( AAPL) , with shares up 3.2% to $223.59 as analysts and investors reacted to the tech giant’s much-anticipated product launch event on Tuesday that included three new iPhones. Apple is Real Money’s Stock of the Day. Intel ( INTC)   rounded out the Dow’s top three gainers.
China’s Finance Ministry revealed the exemptions, which cover 16 different products linked to the first round of tariffs it applied in July 2018, on its website Wednesday, just weeks ahead of what is expected to be a key meeting between trade officials from the U.S. and China in Washington.
President Donald Trump, meanwhile,  renewed his attack on the Federal Reserve, calling the central bank’s policymakers “boneheads” as he called for U.S. interest rates to be cut to zero percent.
The latest attack on Fed Chairman Jerome Powell, whom Trump appointed last year, comes as policymakers at the European Central Bank come together in Frankfurt for the start of of a two-day meeting that is likely to see President Mario Draghi deliver deeper negative interest rates on the Bank’s overnight deposit facility and a pledge to keep supporting the region’s recovery with liquidity and bank lending program.
The core Producer Price Index, which excludes food and energy prices, rose 2.3% year over year in August, beating consensus estimates for a 2.2% gain.
Altria ( MO) and Philip Morris ( PM) shed some of their earlier gainsafter President Trump announced that his administration was considering a ban on flavored e-cigarettes amid an outbreak of a mysterious lung diseases.
GameStop ( GME)  shares sank 10.1% to $4.57 after the video game retailer posted a wider-than-expected second quarter loss, and lowered it full-year profit guidance.
Dave & Buster’s Entertainment ( PLAY) fell 4.6% to $41.70 after the game-themed restaurant company lowered its full-year profit guidance even after posting stronger-than-expected second quarter earnings.
Baker Hughes ( BHGE)  declined 7.6% to $22.28 after the oilfield services group said majority owner General Electric ( GE) would trim its holding to less than 50% as it moves to raise $3 billion and reduce its overall debt. GE shares rose 2.2% to $9.35.


Charles Schwab ( SCHW) will cut about 600 jobs, or 3% of its staff, as it deals with lower interest rates, The Wall Street Journal reported. Shares rose 1.9% to $42.76.

In energy news, oil prices were falling after Bloomberg reported that Trump discussed easing sanctions on Iran to help secure a meeting with Iranian President Hassan Rouhani. Former national security advisor John Bolton reportedly argued with Trump over the , leading to his ouster.

Brent crude contracts were down $1.28 to $61.10 a barrel, while West Texas Intermediate contracts, which are more tightly linked to U.S. gas prices, were $1.37 lower at $56.03 a barrel.

Separately, the Energy Information Administration said U.S. crude supplies fell by 6.9 million-barrels for the week ending September 6.