Wall Street mixed as China-U.S. tensions weigh
By Noel Randewich (Reuters) - Wall Street was 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 was 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.
The rhetoric knocked Wall Street off multi-month highs, although the main indexes were still set to add over 2% for the week, fueled by optimism about an eventual coronavirus vaccine and the easing of virus-related curbs.
"The biggest thing out there today is the Hong Kong/China saber rattling," said Eric Freedman, chief investment officer at U.S. Bank Wealth Management. "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."
The Nasdaq index is down about 5% from its Feb. 19 record high, helped in recent weeks by gains in Microsoft
At 2:17 p.m. ET, the Dow Jones Industrial Average <.DJI> was down 0.11% at 24,446.31 points, while the S&P 500 <.SPX> gained 0.14% to 2,952.58. The Nasdaq Composite <.IXIC> added 0.36% to 9,318.50.
Six of the 11 major S&P 500 sector indexes were lower, with energy <.SPNY> dropping more than 1% as oil prices sank 5%. [O/R]
Mixed earnings from retailers Walmart Inc
On Friday, Chinese e-commerce giant Alibaba Group
KKR & Co
Data analytics software maker Splunk Inc
Declining issues outnumbered advancing ones on the NYSE by a 1.11-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.
The S&P 500 posted five new 52-week highs and no new lows; the Nasdaq Composite recorded 52 new highs and eight new lows.
(Reporting by Noel Randewich in Oakland, California; Additional reporting by Ambar Warrick in Bengaluru and Pawel Goraj in Gdansk; Editing by Leslie Adler)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
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