FBN’s Charles Payne on how U.S. stocks were able to rise despite worries over trade.
Stocks gained some traction Monday afternoon, after a flat start to the day as traders awaited the historic summit between U.S. President Trump and North Korean leader Kim Jong Un that could lay the groundwork for ending a nuclear standoff between the old foes.
Stocks climbed last week, with the Dow Jones Industrial Average posting its best weekly gain since March.
On Friday and Saturday, the Group of Seven (G-7) met in Quebec. Tensions between Canadian Prime Minister Justin Trudeau and Trump escalated over the weekend, still markets were showing little reaction on Monday as all eyes were on the summit between North Korea and the U.S.
“Trump’s next meeting with North Korean leader Kim Jong Un on Tuesday will be of interest as the US President looks to score a victory and distract from the country’s souring relationship with its Western allies,” said Craig Erlam, senior market analyst at Oanda. “Whether the two leaders are actually on the same page in regards to the goals of the meeting could determine just how successful the talks are but Trump in particular will be keen to be seen making progress towards denuclearization.”
Despite the G-7 tensions, European markets moved higher as concerns about Italy eased after the country’s Economy Minister Giovanni Tria said the country’s new government is committed to the euro, according to an Italian newspaper Corriere Della Serra.
Media stocks led the charge higher in anticipation of a favorable District Court ruling tomorrow on AT&T’s proposed $85 billion acquisition of Time Warner. The sentiment is that that deal’s approval would spark a bidding war for certain 21st Century Fox assets.
Gainers included Discovery Inc., Sinclair Broadcasting Group, E. W. Scripps Company, Nexstar Media, and 21st Century Fox .
Commodities were mostly higher.
FOX Business’ Ken Martin and Matthew Rocco contributed to this article.