US stock markets: S&P 500 erases losses after Mnuchin comments on US-China trade
The S&P 500 erased early losses to edge higher on Friday after U.S. Treasury Secretary Steven Mnuchin said trade talks between the United States and China were "constructive," but the index remained on track for its biggest weekly percentage loss since December.
The S&P 500 erased early losses to edge higher on Friday after U.S. Treasury Secretary Steven Mnuchin said trade talks between the United States and China were "constructive," but the index remained on track for its biggest weekly percentage loss since December.The benchmark stock index had dropped as much as 1.6% but rebounded from its session lows after Mnuchin`s comments. Earlier, stocks had slumped after U.S. President Donald Trump said he was in "no hurry" to sign a deal as higher tariffs on $200 billion of Chinese goods went into effect.
U.S. stocks have been roiled this week as the White House has imposed additional tariffs on Chinese goods. Recent developments in U.S.-China trade talks have led investors to brace for an extension and a potential escalation of the trade dispute between the world`s two biggest economies. That in turn has stoked fears of a global economic slowdown, prompting a flight to low-risk assets such as government bonds. As a result, the S&P 500 has fallen 2.5% for the week.
Even so, the continued negotiations between Washington and Beijing kept some investors hopeful. "The market is discounting increased trade tensions but taking into account the discussions still going on," said Anthony Saglimbene, global market strategist at Ameriprise. "The base case for the market continues to be that we`ll get a deal, which is why we haven`t seen it selling off more aggressively today."
EPFO extends deadline to upload details by employers for higher pension option by 3-month till Dec 31
Guaranteed Pension System (GPS) vs Old Pension Scheme (OPS): Which pension scheme offers maximum retirement benefits?
NPS vs APY: Can I have an account in the National Pension Scheme and Atal Pension Yojana at the same time?
The Dow Jones Industrial Average rose 55.72 points, or 0.22%, to 25,884.08, the S&P 500 gained 4.1 points, or 0.14%, to 2,874.82 and the Nasdaq Composite dropped 8.10 points, or 0.1%, to 7,902.49. Uber Technologies Inc shares dropped 2.8% after having opened below their initial public offering price in the ride-hailing company`s long-awaited market debut.
Symantec Corp shares plunged 12.1% after the antivirus software maker issued a profit warning and unexpectedly announced its chief executive officer would step down. Chipmakers, which draw much of their revenue from China, edged lower to extend their decline. The Philadelphia semiconductor index has fallen more than 6% this week.
Advancing issues outnumbered declining ones on the NYSE by a 1.28-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored decliners. The S&P 500 posted 11 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 46 new highs and 100 new lows.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
Small savings schemes: Five-year recurring deposit will make more money for you in December quarter; this is the new interest rate
Plaza Wires IPO hits Street: Issue price, subscription status, listing date, other key details to know
Kerala Weather Update: Heavy rain lashes parts of Thiruvananthapuram, IMD sounds yellow alert in all districts
Flipkart Big Billion Days Sale 2023: iPhone, Google Pixel, Samsung Galaxy, and Motorola; best phones under Rs 60K-Rs 1.5 lakh category
Flipkart Big Billion Days Sale 2023: Samsung, Redmi, Realme, Poco and more; best phones under Rs 15,000