WASHINGTON, D.C. – Stock market is mixed but is expected to continue gaining momentum for the week after US President, Donald Trump, didn’t consent the rollback for China tariffs.
The US stocks punched higher to fresh record highs this week, despite the doubts on the progress after President Trump concluded the trade deal between the US and China would be solved after it has become a long-running dispute between the two countries.
The S&P 500 index gained for five weeks straight while the Dow notched for its third straight week as the reporting season of the third-quarter earnings in the US ends.
Major benchmarks in the market performed positively. The Dow Jones Industrial Average (DJIA) added 0.02% or 6.44 basis points to close at their new 27, 681.20 record. The S&P 500 index (SPX) advanced with 0.26% or 7.90 points to seize a new closing of 3, 093.08. The Nasdaq Composite Index (COMP) gained 0.48% or 40.80 points to get their new 8, 475.31 record.
Both S&P 500 and the Dow posted each of their records close on Thursday. On the other hand, it was the second-highest close in Nasdaq Composite history, based on the market data from Dow Jones.
Despite the doubts in regards to the US’ willingness to decrease import duties in phases as what was included in their trade deal with China, stock markets still rallied to a close Friday. It was also after President Trump said he hadn’t given his approval in regards to the measure, according to reports.
Based on a Wall Street Journal report, a senior US trader, Peter Navarro, also said that a formal agreement hadn’t been reached, and it’s in the President’s hands what the final decision will be.
Even with the latest doubts regarding the resolution of the trade war, it wasn’t able to tip over the overall rally of the stock market. At the end of the week, the stock market gained momentum after a statement from the Ministry of Commerce in China stated that they had achieved an agreement to jointly get rid of tariffs in phases as part of the trade pact.
According to the managing director of the Bel-Air Investment Advisors based in Long Angeles, Kevin Philip, during a talk with MarketWatch, there is a lot of factors that add distraction to the people. However, he also said that at the base of things, when social concerns and politics are put aside, fundamentals are what drives the market.