Wall Street finished in the green Tuesday, after a move by the Chinese central bank to halt the fall of its currency, the day after the worst day of the year for major indices in New York. Its index headlined the Dow Jones Industrial Average took 1.21% to 26,029.52 points, after five consecutive sessions of decline.
After six consecutive sessions down, the Nasdaq, with strong technological color, rose 1.39% to 7,833.27 points, and the expanded S & P 500 index rose 1.30% to 2,881.77 points. On Monday, the main New York indexes had their worst meeting of the year after a sudden escalation of the trade dispute between the United States and China.
Trade tensions remain strong
Beijing, which tightly controls the price of its currency, had let it slip against the dollar, the yuan falling to its lowest level since 2008. But, on the night of Monday to Tuesday, the Chinese central bank intervened to do back up the currency, the governor of the banking institution claiming that China did not intend to embark on a competitive devaluation policy.
"This served as a catalyst for the stock market, and all China-related stocks rallied," commented Quincy Krosby of Prudential Financial. "One wonders if Donald Trump did not force the hand of the Chinese by accusing them of manipulating their currency, but in the end, it does not matter so much, because the Chinese have acted," he said. she continued. Last week, Donald Trump had already revived tensions by announcing his intention to extend additional tariffs to almost all imports from Beijing as of 1 September.