Published: Пн, Сентября 02, 2019
Markets | By Otis Pena

Wall Street flattens out into Labor Day weekend

Wall Street flattens out into Labor Day weekend

Wall Street's main indexes surged on Thursday, boosted by technology stocks, as China sounded hopeful on trade negotiations with the United States, lifting investor sentiment that has been dented by growing worries of a recession.

The three main indexes opened higher, following data which showed strong USA consumer spending in July and signals from Washington and Beijing on Thursday, that they will resume trade talks, as the countries discussed the next round of in-person negotiations in September.

Markets were higher earlier in the day after data showed strong USA consumer spending in July and on signals that Washington and Beijing would resume trade talks.

The S&P 500 on Friday edged up 1.88 points, or 0.1 percent, to 2,926.46, jumping 2.8 percent from a close of 2,847.11 on August 23.

While the S&P 500 .SPX registered its biggest weekly gain since June, August had its biggest monthly decline since May.

The Dow Jones Industrial Average rose 212.99 points, or 0.82%, at the open to 26,249.09.

USA stocks lost steam in afternoon trading on Friday as investors moved to the sidelines ahead of a long Labor day weekend but the three major indexes were on course to wrap up the week with their biggest gains since June.

Shares of trade-sensitive companies including Apple Inc and Caterpillar Inc were up almost 1% in premarket trading.

Wall Street's rise hit a bump earlier in the session after European Central Bank policy maker Klaas Knot was reported to have said that the euro zone economy did not warrant a resumption of bond purchases.

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The stock indices wavered between small gains and losses throughout much of the day, with trading volumes lighter than usual. Meanwhile, the rate on the benchmark 30-year Treasury bond sank to an all-time low.

Bond prices initially fell on Friday, pushing yields higher, but then lost momentum.

Last week, the trade conflict escalated again with both sides threatening new tariffs on each other's goods, triggering a sharp sell-off in global markets.

Ulta Beauty plunged 29.6% after reporting weak results and cutting its estimates.

The Trump administration on Wednesday made official its additional 5% tariff on $300 billion in Chinese imports and set collection dates of September 1 and December 15, prompting several hundreds of US companies to warn of price hikes.

He also noted that the S&5 500 tended to "run out of steam" as it approached the 2,940 mark.

Investors are also bracing for a new round of US tariffs on some Chinese goods that would come into effect on Sunday.

Campbell Soup rose 3.9% and Big Lots added 3.4%. Wholesale gasoline fell 7 cents to $1.61 per gallon.

USA financial markets were due to stay closed on Monday for the Labor Day holiday and a new round of US tariffs on some Chinese goods were expected to come into effect on Sunday.

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