President Donald Trump meets with China’s President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019.
Kevin Lemarque | Reuters
Dow Jones Industrial Average rises 3 points
The Dow gained 3.33 points, or 0.01% to end the day at 28,135.38. The S&P 500 climbed 0.01% to 3,168.80. The Nasdaq Composite advanced 0.20% to 8,734.88. Stocks capped a solid week of gains with small moves as investors digested the details of a phase one trade deal between China and the U.S.
‘Very large’ trade deal struck
Chinese and U.S. officials confirmed that a so-called phase one trade deal had been reached by the world’s largest economies. The deal includes an increase in U.S. agricultural purchases by the Chinese while the U.S. agreed to hold off on additional levies scheduled for Sunday. The U.S. would also roll back some existing tariffs. Friday’s muted performance comes as some investors perhaps expected something more from the much-anticipated deal. To be sure, the agreement does quell fears of a near-term escalation on the trade front which could lift stock prices to end 2019.
Apple hit all-time high
Apple shares rose 1.36% and reached an all-time high after news of the U.S.-China trade deal broke. Adobe shares gained 3.92% and were among the best-performing S&P 500 stocks.
What happens next?
The Empire State manufacturing survey for November is set for release Monday. Investors will also look out for the NAHB housing market index. Read more here.
Stocks capped a solid week of gains with small moves as investors digested the details of a phase one trade deal between China and the U.S.