Stocks rose slightly on Friday, but posted their first weekly decline in over a month amid lingering worries around U.S.-China trade talks.
The Dow Jones Industrial Average climbed 109.33 points, or 0.4% to 27,875.62. The S&P 500 gained 0.2% to 3,110.29 while the Nasdaq Composite advanced 0.16% to 8,519.88.
President Donald Trump told Fox News both sides were "very close" to reaching a trade agreement, nothing: "We have a very good chance to make the deal." That comment lifted market sentiment during the day.
His comments came after Chinese President Xi Jinping said Friday that Beijing wants to work for a trade deal with the U.S. but is not afraid to "fight back." Xi also told a visiting U.S. business delegation that China holds a "positive attitude" toward the trade talks.
To be sure, investors took some profits off the table this week. For the week, the S&P 500 lost about 0.3% and snapped a six-week winning streak. The Dow declined 0.5% and had for its first one-week pullback in five. The Nasdaq ended a seven-week winning streak, dropping 0.3%.
Traders and financial professionals work on the floor of the New York Stock Exchange.
Drew Angerer | Getty Images News | Getty Images
"The volatility we've had this year has been mostly around trade," said Jennifer Ellison, a principal at BOS. "I think the market has gotten to a point of confusion and wants to wait and see when something real happens."
Stocks recently rallied to record highs after Trump said last month that China and the U.S. had reached a "phase one" trade deal that would be signed in November. However, concerns over that so-called phase one deal have risen lately.
The Wall Street Journal reported Thursday that China had invited the U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for further talks. However, it is unclear whether the invitation was accepted.
The investment community is unsure whether both countries will sign some sort of trade agreement in the coming weeks. Morgan Stanley said Thursday that a phase one deal is perhaps the furthest both countries will go.
"A few weeks ago when President Trump said a phase one deal was complete, optimism was sky high," said Ryan Nauman, market strategist at Informa Financial Intelligence. "Each passing day that we don't have ink on the paper, investors are just getting more skittish and markets are getting more fragile, especially at these levels."
Trade optimism helped lift the major averages to record highs. Over the past month, the S&P 500 and Dow are both up around 4% while the Nasdaq has rallied 5.1%.
On the data front, consumer sentiment for November came in better than expected. The index rose to 96.8 from 95.5 in October. IHS Markit's gauges for the U.S. services and manufacturing sectors also rose.
"We had some good economic data today. That helped the market," said Peter Cardillo, chief market economist at Spartan Capital Securities. "But the market has reached a point in which it's a bit stretched."
In corporate news, Nordstrom rallied more than 10% on better-than-expected earnings. The stock was also the best performer in the S&P 500. Intuit slid more than 4% and was among the broad index's worst-performing stocks on the back of disappointing earnings guidance.
—CNBC's Silvia Amaro and The Associated Press contributed to this report.
Business - Latest - Google News
November 22, 2019 at 02:43PM
https://ift.tt/2qrZWk4
Stocks rise slightly, but S&P 500 posts its first weekly decline in over a month - CNBC
Business - Latest - Google News
https://ift.tt/2Rx7A4Y
Bagikan Berita Ini
0 Response to "Stocks rise slightly, but S&P 500 posts its first weekly decline in over a month - CNBC"
Post a Comment