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  • Writer's pictureMarc Bentin

Daily Close

Stocks reversed early sharp losses of 500 points on the Dow after D.Trump’s economic advisor L. Kudlow said to buy stocks as if it was gold(...) and as Treasury Secretary Mnuchin signaled openness to talks with China . The initial selloff had been caused overnight by China announcing retaliatory measures to US tariffs by imposing a 25% tariff of key US agricultural exports. U.S. Commerce Secretary Ross also wanted to appease nervous investors saying the US ...isn’t entering “World War III” and left the door open for a negotiated solution. Our 50cents would not be on any of L. Kudlow’s predication over the long term, although over the short term we are happy to join.  Citigroup and JPMorgan said last week that China probably would not hit themselves in the foot,  imposing  tariffs on U.S. soybeans. They were wrong  and soybean futures tumbled more than 5% after China imposed tariffs on the product.  

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