Dueling U.S.-China trade news has been the order of the day, although the merit of various reports as actual news remains suspect. Reports of “agreements in principle,” comments from either side about what might or might not be included in a so-called Phase One trade deal and the like have moved the markets. The bottom line is that no trade deal has been inked.
All the hopeful musings about trade were quashed on Friday when President Trump told reporters that he has not yet agreed to roll back tariffs in any Phase One agreement. But then, he didn’t say that he couldn’t at some point. After spinning around, the indexes all ended the day up to maintain their hopeful tone.
All the Big Three major market indexes posted all-time closing highs. The S&P 500 and the Dow look similar to the NASDAQ Composite Index as they closed higher but below Thursday’s intraday highs on much lighter volume. The Naz led the rally with a 0.48% move vs. the S&P’s 0.26% and the Dow’s 0.02%.
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