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Markets Calm as Trump Praises 'Candid' China Talks

Dow rises 114, and president says his relations with Chinese counterpart are solid
By Newser Editors and Wire Services
Posted May 10, 2019 3:22 PM CDT
In this file photo, specialist Donald Himpele Jr. works at his post on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – The stock market ended a bumpy week with a late gain as traders hoped that this week's flare-up in trade tensions between the US and China would fade. Stocks fell sharply early Friday after the US raised tariffs on $200 billion worth of Chinese goods. Hours later, remarks from President Trump and Treasury Secretary Steven Mnuchin gave investors reason for optimism, sending stocks higher in the final hour of trading. The S&P 500 rose 10 points, or 0.4%, to 2,881, per the AP. Thanks to sharp losses earlier in the week, the S&P 500 still had its worst weekly loss of the year, 2.2%. The Dow Jones Industrial Average rose 114 points, or 0.4%, to 25,942, and the Nasdaq edged up 6 points, or 0.1%, to 7,916.

"Over the course of the past two days, the United States and China have held candid and constructive conversations on the status of the trade relationship between both countries," Trump tweeted Friday afternoon. "The relationship between President Xi and myself remains a very strong one, and conversations into the future will continue." He added: "In the meantime, the United States has imposed Tariffs on China, which may or may not be removed depending on what happens with respect to future negotiations!" Talks between the two nations have concluded for the day, and there was no immediate word when they might resume.

(Read more stock market stories.)

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