NEW YORK, NY – At the end of the week, S&P 500 posted its growth momentum, earning itself another gain for five weeks straight now.
Among other major stock indexes in the US, S&P 500 posted another week of record closing highs. Friday marks the end of a highly bullish streak for the S&P 500 index; it’s fifth weak of gains, despite recent confusions. Despite the comments from the US President, Donald Trump, that he has not agreed with the proposed tariff rollback for goods imported from China, the end of the week was still in favor of the S&P 500.
The United States and Chinese officials have been in talks, agreeing to eliminate some of the tariffs of the goods from both sides on Thursday. However, the US president recently denied that an agreement was reached. It then sparked concern and speculation for a lot of people, adding to the confusion whether the trade war between the US and China will ever be resolved.
According to the statement given by Trump, China has asked the US to give them a bit of a rollback, not a complete one, because China knew he wouldn’t agree to one, he said. The US president then continued by saying he hasn’t agreed to anything. He also said that China wanted the deal to come through more than the US did, stating that US coffers are generating billions of dollars from the tariffs.
Initially, the stocks were pushed a little bit lower early in the week. However, it suddenly hit a rebound and ended the week with new record highs.
The three major stock indexes in the US came out with the same bullish results. S&P 500 witnessed a gain of about 0.26 percent, giving it a 7.9 increase in basis points. On Friday, the index finished at 3,093.08 points and ended with a 0.8 percent increase for the entire week. It marks the fifth straight week that S&P didn’t leave with a bearish sentiment.
The Nasdaq also added a heaping 0.48 percent, increasing its basis point to 40.8 in total for the week. On Friday, it reached 8,475.31 points and also witnessed a 1.1 percent increase for the week. The Dow Jones also rose by 0.02 percent, adding a 6.44 basis point to its 27,681.24 points. The index finished the week by 1.2 percent increase.
Although the S&P 500 experienced a back and forth during the session on the last day of the week, its resistance has made sure the session ends on a more optimistic note.