Wall Street close: US benchmarks eke out small closing gains ahead of NFPs

• S&P index rose 4.94 points or 0.16% at 3117.69.
• NASDAQ index rose 4.031 points or 0.05% at 8570.70.
• Dow industrial average rose 29.36 points or 0.11% at 27679.14.
• Eyes turn to Nonfarm Payrolls on Friday and ears stay on Sino/US trade deal headlines.

US benchmarks were elevated on a risk-on, yet fairly subdued session as investors get set for major US economic data on Friday in the form of Nonfarm Payrolls. Trade talks were dominating the space which has been finally confirmed by China as to being on track, according to both sides in Beijing and Washington today. 

Subsequently, the S&P index rose 4.94 points or 0.16% at 3117.69, below the 3119.45 highs, up from a low of 3103.76. The NASDAQ index rose 4.031 points or 0.05% at 8570.70, below the high of 8588.88 and off the low at 8541.91 and the Dow industrial average rose 29.36 points or 0.11% at 27679.14, below the 27745.2 and up from a low of 27562.80.

A Wall Street Journal article wrote that while China and the US remain at odds over the value of farm goods Beijing will buy, an official statement from Beijing had confirmed that China’s trade negotiations with the US remain on track.

China’s Commerce Ministry said Thursday that the negotiating teams from both sides have maintained close communication, though it didn’t provide details on progress. The recent strain had spooked investors and stoked concerns over the global economic outlook,

the article leads. 

Earlier in the day, US President Donald Trump was reported saying that the US is having meetings and discussions with China, describing the meetings as ‘going well’ and said that "something could happen regarding 15th Dec tariffs, but we are ‘not discussing that yet’.
 

Nonfarm Payrolls in focus for precious metals

Friday's Nonfarm Payrolls report and draws even closer scrutiny from the financial markets – it will be important in assessing momentum in the US economy, risk appetite, and will likely have a major impact on US stocks as well as the US dollar.  "The strength in the labour market has been fundamental to it holding up well this year in the face of manufacturing weakness and trade uncertainty," analysts at ANZ Bank explained. 

"The median expectation is looking for a rise of 184k, up from 128k in October. This is one of the highest estimates this year preceding a payrolls report. For what it’s worth, November non-manufacturing jobs and initial claims over the survey week point to a stronger number than October. However, the ADP report was considerably weaker. None have a particularly strong track record."

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