US equity markets rallied strongly into the long weekend amid growing optimism that the US and China can strike a trade truce ahead of the current 1 March deadline - Dow jumped +444-points or +1.74% to clinch its eighth straight weekly advance - the longest such winning streak since November 2017. United Parcel Service Inc (down -0.83%) announced late Friday (15 February) that its board of directors increased the logistics company's quarterly dividend by 5.5% to US$0.96 cents per share. The broader S&P500 rose +1.09% and closed on its session highs, with Financials (up +2.02%) and Energy (+1.59) leading all eleven primary sectors higher. The NASDAQ +0.64% (to 7,472.41) and exited bear market territory by settling more than >20% above its recent low of 6,192.92 struck on Christmas Eve last year. The technology-centric index entered the corrective phase on 21 December, closing more than 20% below its all-time high set on 29 August of 8,109.69. Chinese President Xi Jinping said trade talks between the US and China will continue next week in Washington. In a statement issued last Friday (15 February) following the conclusion of the latest meeting in Beijing, the White House described the weeklong talks as “detailed and intensive,” which led to “progress between the two parties.” Chinese news agency Xinhua said ‘important progress’ had been made. Separately, President Trump signed a budget deal to avoid another US partial closure, but declared a state of emergency at the country’s southern border, potentially setting the stage for a fresh legal clash with Democrats who will oppose the action. For the week, the Dow rose +%, S&P500 and The Nasdaq rose +% to log its eighth straight weekly gain, representing the longest string of weekly wins since August 2016. US equity and bond markets are CLOSED tonight AEDT for the Presidents Day holiday.
