Stocks surged before the U.S. markets opened on more trade deal optimism as the Financial Times reported that the United States and China have reached agreements on a majority of issues but are struggling with implementation and enforcement. This faded throughout the day as the ISM services PMI fell to a near two-year low, and the ADP private-sector jobs report was the weakest since September 2017, with declines in small business and goods producing employment. This did not keep the NASDAQ Composite from closing with a golden cross as the index’s 50-day moving average above the 200-day average. Meanwhile, Bitcoin and cryptocurrencies continue to surge. Facebook was battered on more data privacy woes, and the 10-year Treasury yield rose to 2.52%, 4 basis points higher on the day and 16 basis points higher than the low set in late March. Momentum in international equities continues, leading U.S. markets, which saw the S&P 500 close up 0.21%, Dow up 0.15% and Nasdaq up 0.6%, shaking off a bit of soft economic data and a farcical Brexit saga.
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