Wall Street ends mixed as China-U.S. tensions weigh
By Noel Randewich (Reuters) - Wall Street ended mixed on Friday in a mostly tame finish to a week of strong gains, as investors gauged China-U.S. tensions and amid ongoing uncertainty about the pace of economic recovery from the coronavirus. President Donald Trump's warning on Thursday that the U.S.
By Noel Randewich
(Reuters) - Wall Street ended mixed on Friday in a mostly tame finish to a week of strong gains, as investors gauged China-U.S. tensions and amid ongoing uncertainty about the pace of economic recovery from the coronavirus .
President Donald Trump's warning on Thursday that the U.S. would react strongly to China's plan for a national security law in Hong Kong has raised concerns over Washington and Beijing's possibly reneging on their Phase 1 trade deal.
Late in the session, stocks edged lower after the U.S. Commerce Department said it was adding 33 Chinese companies and other institutions to an economic blacklist for human rights violations and to address U.S. national security concerns.
The increasing rhetoric between Washington and Beijing has knocked Wall Street off multi-month highs, although the three main indexes still all rose around 3% for the week, fueled by optimism about an eventual coronavirus vaccine and the easing of virus-related curbs.
"We still think COVID-19 concerns are in the driver's seat, but we could see U.S.-China relations move back into the front seat," said Eric Freedman, chief investment officer at U.S. Bank Wealth Management.
U.S. stock exchanges will be closed on Monday for the Memorial Day holiday.
The Nasdaq index is down about 5% from its Feb. 19 record high, helped in recent weeks by gains in Microsoft
Real estate <.SPLRCR> led the S&P 500 sector indexes higher, while energy <.SPNY> dropped as oil prices sank about 3%. [O/R]
A drop in Chevron
Unofficially, the Dow Jones Industrial Average <.DJI> fell 8.96 points, or 0.04%, to 24,465.16, the S&P 500 <.SPX> gained 6.94 points, or 0.24%, to 2,955.45, and the Nasdaq Composite <.IXIC> added 39.71 points, or 0.43%, to 9,324.59.
Mixed earnings from retailers Walmart Inc
On Friday, Chinese e-commerce giant Alibaba Group
KKR & Co
Data analytics software maker Splunk Inc
(Reporting by Noel Randewich in Oakland, California; Additional reporting by Ambar Warrick in Bengaluru and Pawel Goraj in Gdansk; Editing by Leslie Adler)
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