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The ceasefire between the United States and China has set off a huge celebration on Wall Street.The Dow soared about 400 points at Monday's opening bell after China and the United States reached a temporary trade truce. It's a big relief because the damaging trade war between the world's two largest economies was set to deepen in January.The Nasdaq and the S&P 500 climbed more than 1% apiece."A truce is definitely better than an escalation of hostilities," Kit Juckes, strategist at Societe Generale, wrote to clients on Monday.Juckes said that even though investors may doubt the substance of the US-China agreement, "this morning's response reflects relief and a desire to pick up some last-ditch bargains."The relief rally comes after the S&P 500 spiked nearly 5% last week, its best since December 2011. That rebound was triggered by hopes of progress on the trade front and a speech by Federal Reserve chief Jerome Powell that investors interpreted as a signal the central bank will not rush to raise interest rates."The China trade situation is the keystone in the arch of agita," said Sam Stovall, chief investment strategist at CFRA Research.The progress on talks with China means "now we have a very good chance of experiencing a Santa Claus rally," said Sam Stovall, chief investment strategist at CFRA Research.It wasn't just US markets celebrating. Major indexes in Hong Kong and Shanghai surged more than 2.5%. And markets in London, Frankfurt and Paris climbed 2%. Commodities also raced higher. Copper and soybeans rallied. US oil prices, boosted by hopes of an agreement by Russia and Saudi Arabia to cut output, surged 4%.After meeting on Saturday, US President Donald Trump and Chinese President Xi Jinping agreed to hold their fire on tariffs while they try to reach a trade deal. Trump agreed not to raise the 10% tariffs on 0 billion worth of Chinese goods for now. Those tariffs had been scheduled to automatically rise to 25% on January 1. And China said it would be willing to purchase a "very substantial" amount of agriculture, energy and other US products.Still, some analysts warned that the celebration on Wall Street could be short-lived. China and the United States now only have 90 days to sort out nagging trade issues that have been in contention for years, if not decades. And the statements that emerged from the trade meeting lacked concrete details."The beefiest part of Saturday evening's meeting between Presidents Trump and Xi may well have been the local sirloin served for dinner," Nicholas Colas, co-founder of DataTrek Research, wrote to clients on Monday.Goldman Sachs economists said the most likely outcomes are that the truce gets extended after 90 days or that the trade war escalates. The investment bank sees just a 20% chance over the next three months of a comprehensive deal rolling back tariffs."The specter of higher and broader US tariffs remains," Goldman Sachs chief US political economist Alec Phillips wrote to clients on Sunday. 3014

The death of a missing six-year-old boy with autism whose body was found in a North Carolina creek in September has been classified as a "probable drowning," according to an autopsy report from the Mecklenburg County Medical Examiner.Maddox Ritch went missing while on a walk with his father at a Gastonia park on September 22. In an extensive search, authorities used dogs, drones and sonar, and partially drained an 80-acre lake to better see its shoreline.Maddox's body was found five days later in a creek about a mile east of Rankin Lake Park, where he was last seen with his father and a friend, authorities said."The findings are not inconsistent with drowning," the medical examiner's report said. "In conjunction with investigative information at this time, which gives no indication of other than an accidental drowning, it seems reasonable to conclude that the likely cause of death is drowning."The body was partially submerged in 2 to 3 feet of water. The area, thick with underbrush, had been searched numerous times."We appreciate everyone's patience and support while we worked to uncover every piece of evidence available to bring our death investigation to this conclusion," Gastonia Police Chief Robert Helton said in a statement Thursday, adding that no criminal charges were expected to be filed in connection with the death."I ask for continued prayers for Maddox's family and everyone touched by this child's tragic death."Maddox's father, Ian Ritch, said in late September that he and a friend were walking when his son ran ahead, likely triggered by a passing jogger. Maddox was about 25 to 30 feet away when he broke into a sprint, Ritch said.Ritch said he "was giving him just a little leeway, freedom" but he had a clear view of his son. Maddox often would run ahead but let him catch up, Ritch said."I couldn't catch up with him. I feel guilt for letting him get so far ahead of me before I started running after him," Ritch told reporters.The FBI became involved in the case, with investigators waiting to determine the cause and manner of death, as well as the boy's exact movements. At the time, authorities pleaded for anyone with information to come forward.In an emotional Facebook post after the discovery of his son's body, Ritch wrote: "I had big plans with my son. I wanted us to go fishing play ball go camping. I wanted to be his hero. I wanted him to say I was more than superman or batman to him. I wanted people to ask him who his hero is and him say my daddy. Now I'm no hero I couldn't save him or protect him at all. I would give anything to go back and save him." 2624

The boy who made headlines when he was photographed hugging an officer during a 2014 protest against police brutality is missing after his family's SUV plunged 100 feet off a coastal highway in California, officials said Wednesday.The bodies of Jennifer and Sarah Hart, of Washington, and three of their six children, were found Monday in and around the vehicle, which landed on its roof in the Pacific Ocean, Mendocino County Sheriff Tom Allman said. Their three other children, including 15-year-old Devonte, are missing. 531

The Department of Labor reported Thursday that 1.5 million Americans filed initial claims for unemployment during the week ending June 6, bringing a three-month total to about 43 million.Thursday's report marked the tenth straight week of declining unemployment numbers, as every state has begun the process of lifting coronavirus-related lockdowns.The report also comes a week after the U.S. Bureau of Labor Statistics said the U.S. unemployment rate actually fell a full percentage point — an encouraging sign for the economy.But despite last week's report, weekly unemployment claims remain historically high.Prior to the pandemic, the record high for weekly unemployment claims came in 2006, when 665,000 people filed for unemployment. The Department of Labor has been tracking the statistics since 1967.Economists often use weekly unemployment claims as a reliable tool when predicting unemployment. However, some surveys indicate that weekly initial claims may be underestimating the amount of those unemployed.At least one survey from the Economic Policy Institute found that millions of Americans gave up trying to seek benefits or didn't even attempt to due to states' overwhelmed and antiquated unemployment systems.Despite the staggering unemployment figures, the stock market has been on a steady rise since reaching a four-year low in March. Markets have been buoyed by stimulus from both the Federal Reserve and Congress, as well as encouraging reports from health experts regarding the potential development of a COVID-19 vaccine. 1553

The engine came roaring back to life, despite the vehicle being partially burned and melted. And though their car may not look pretty, Christina Lopez and her husband concluded the fire-damaged Honda Civic was safe enough to drive.Lopez said she was anxious to have her car so she could drive to work and take her 18-month-old son to day care. Her husband's car was lost in the fire.A locksmith had to make a new key because the previous one was lost, along with everything else they owned, inside their now-destroyed home. 531

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