“U.S. stocks closed higher on Friday, with the S&P 500 and the Dow Jones Industrial Average extending gains and the Nasdaq turning positive on reports of progress in tariff disputes between the United States and its trading partners China and Mexico,” Stephen Culp reports for Reuters.

“Chinese and U.S. negotiators are planning talks to resolve their trade row ahead of meetings in November, the Wall Street Journal reported on Friday,” Culp reports. “Additionally, Mexico’s economy minister, Ildefonso Guajardo, said he hopes to wrap up outstanding bilateral issues on the North American Free Trade Agreement (NAFTA) by the middle of next week.”

“Trade-vulnerable industrial stocks led advances by the S&P 500 and the Dow, with the S&P 500 industrial sector gaining 0.6 percent,” Culp reports. “Among the so-called FAANG group of momentum stocks, all but Apple Inc fell. The smartphone maker gained 2.0 percent to an all-time closing high.”

“Shares of Tesla Inc dropped 8.9 percent, their worst day in over two years after Chief Executive Elon Musk’s interview with the New York Times and a UBS note saying the company could lose $6,000 on every base Model 3 sedan due to powertrain costs,” Culp reports. “The Dow Jones Industrial Average rose 110.59 points, or 0.43 percent, to 25,669.32, the S&P 500 gained 9.44 points, or 0.33 percent, to 2,850.13 and the Nasdaq Composite added 9.81 points, or 0.13 percent, to 7,816.33.”

Read more in the full article here.

MacDailyNews Take: Good news on the trade front, especially with China, is great news for Apple!

Thanks, beloved interns! Prost, everyone!

SEE ALSO:
Cramer: Here’s why China won’t boycott Apple as part of its trade war with the US – August 7, 2018
Apple could be used as a ‘bargaining chip’ in the trade war, Chinese state-run media warns – August 7, 2018
Why the US-China trade war may not have much impact on Apple – July 17, 2018
Apple launches $300 million China Clean Energy Fund – July 13, 2018
What trade war? Markets shrug off US-China dueling tariffs – July 6, 2018
U.S. President Trump puts tech in trade war crosshairs with planned curb on China investment – June 25, 2018
The Trump administration told Apple it would not place tariffs on iPhones assembled in China – June 19, 2018
Chinese stocks end at 2-year low, Apple suppliers sink on trade-war concerns – June 19, 2018
Why Apple CEO Tim Cook is acting like tech’s top diplomat – June 18, 2018
Apple CEO Tim Cook doesn’t expect a full-blown trade war between the U.S. and China – June 5, 2018
President Trump and Apple CEO Cook meet at White House with trade the focus – April 25, 2018
Apple CEO Cook to meet with President Trump – April 25, 2018
Why Apple stock can withstand a Chinese trade war – April 5, 2018
Apple CEO Tim Cook heads to China as President Trump orders 25 percent tariffs on up to $60 billion in Chinese imports – March 23, 2018
BoA Merrill Lynch: Apple is prepping a ‘foldable’ iPhone; U.S. and China trade tensions not an issue for Apple – March 23, 2018
Designed in California. Assembled in China. How Apple’s iPhone skews U.S. trade deficit – March 21, 2018
President Trump blocks Broadcom-Qualcomm deal over China concerns – March 13, 2018
Elon Musk sides with President Trump on trade with China – March 8, 2018
Analyst: President Trump’s tariff impact on Apple would be just a ’rounding error’ – March 7, 2018