Stocks – Wall Street Rises as Trump, Xi Reheat Trade Hopes

This post was originally published on this site
© Reuters. © Reuters. – Wall Street rose on Friday after U.S. President Donald Trump said that a deal with China is “potentially very close,” even though the week’s news flow has often suggested the opposite.

The was up 59 points or 0.2% by 9:49 AM ET (13:49 GMT), while the inched up 6 points or 0.2% and the gained 19 points or 0.2%.

Trump’s comments, made on Fox News, followed a carefully hedged speech from Chinese President Xi Jinping earlier in the day, who again pressed for a roll-back of U.S. tariffs on imports from China as a precondition for a ‘phase-1’ trade deal.

Trump indicated he saw the bill passed this week by the Senate, tying Chinese trade preferences to its respect for Hong Kong’s political autonomy, as a bargaining chip in trade negotiations.

“We have to stand with Hong Kong, but I’m also standing with President Xi [Jinping], he’s a friend of mine,” Trump said. “He’s an incredible guy, but we have to stand…I’d like to see them work it out, ok?”

Doubts over whether a trade deal will be reached by the end of the year have risen this week as China reacted angrily to the passage of the Hong Kong bill in Congress.

“It’s less likely the deal will be signed by the end of this year, but you may see the Dec. 15 tariffs postponed,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

Nordstrom (NYSE:) was among the top gainers after the morning bell, rising 8.9% after the retailer beat its top- and bottom-line forecasts and raised its 2019 guidance. Uber (NYSE:) rose 0.7%, while Boeing (NYSE:) inched up 0.6% and International Business Machines (NYSE:) gained 0.4%.

Elsewhere, Tesla (NASDAQ:) slumped 5.8% over criticism of its “Cybertruck,” whose ‘unbreakable’ windows were smashed during a preview presentation. Foot Locker (NYSE:) fell 7.4% despite posting strong earnings, after executives reportedly expressed caution about the outlook for the current quarter.

Pure Storage (NYSE:) tumbled 19.6% after the data-storage company posted disappointing results and lowered its full-year forecast.

In commodities, the , which measures the greenback against a basket of six major currencies, was up 0.1% to 98.015 and gained 0.2% to $1,465.85 a troy ounce. fell 0.5% to $58.30 a barrel.

-Reuters contributed to this report

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment