Mon, 01 Jun 2020

U.S. stocks dither over trade talks

By Jay Jackson, Connecticut State News.Net
09 Feb 2019, 09:19 GMT+10

NEW YORK, New York - Wall Street was mixed on Friday as the Dow Jones slipped while the Standard and Poor's 500 and the Nasdaq both made miniscule gains.

Figuring prominently in discussions Friday was the ongoing speculation about the outcome of current trade talks between the U.S. and China.

"What's expected, based on the way the market has performed, is that there is a risk that we'll see another round of tariff-hiking, but that risk will be overridden by some type of agreement," John Stoltzfus, chief investment strategist at Oppenheimer Asset Management in New York was quoted by the Reuters Thomson news agency as saying Friday.

"These are not indices that are showing extreme investor concern at this point," he added.

The next stage of the talks involves a two-day meeting by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing commencing 14 February, the White House said in a statement released Friday.

At the close of trading Friday, the Dow Jones Industrial Average was down 63.2 points or 0.25% at 25,106.33.

The S&P 500 added 1.83 points or 0.07% to 2,707.88.

The tech-laden Nasdaq Composite rose 9.85 points or 0.14% to 7,298.20.

Over the course of the week the Dow gained 0.17%, the S&P 500 0.05%, and the Nasdaq Composite gained 0.47%.

The U.S. dollar retained its strength generally on Friday, making more ground against the euro which ended the day Friday in the New York session around 1.1322.

The British pound added a few basis points to 1.2934, as did the Japanese yen to 109.79.

The Swiss franc inched up to 1.001.

The Canadian dollar was a tad firmer at 1.3265.

The Australian dollar and New Zealadn dollar were little changed at 0.7085 and 0.6749 respectively.

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