“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.”
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MacDailyNews Take: Good news on the trade front, especially with China, is great news for Apple!
Thanks, beloved interns! Prost, everyone!
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