As Trump Backs Down, Wall Street Gets a Shot of Relief
The big picture story for investors seems to be one of constant U-turns.
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Wall Street is getting a shot of relief after Trump backpedaled even further on the battles that have roiled global markets.
The combination of Trump floating the possibility of a China trade deal and cooling his attack on the Fed was enough to set the S&P 500 up for another day in which markets start to reverse what’s been popularly called the “Sell America” trade.
Currency markets, however, signaled that there’s still an undercurrent of skepticism about the US ever-changing policy, with dollar traders not buying into the relief rally.