“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
This is NOT good news for the Democrats.
(and if the jury passes on putting Manafort away then it will be double-digit panic for the professional protesters!!)
Time for some Soros manipulation to correct this anomaly…
Good news is as useful to the left as bicycles are to fish.
Why not wait until the jury comes back before celebrating? In fact, why not wait until Manafort’s other trial is over, too? I don’t think you have to be of a particular political stripe to find bank fraud, tax evasion, and unregistered lobbying as unsavory.
Counsellor, nobody likes you because you try to be fair to all sides, whilst they insist on everyone being fair to their side, sure that they are being railroaded.
Actually, nobody likes the media portraying this trial as a verdict on Trump when in fact the charges are years old and only dredged up to force SOME tidbit of info to justify Mueller’s probe while at the same time ignoring the BINDERS of info against many in the Obama administration.
And bullshit concerning his fairness to all sides….you disappoint me.
He completely ignored the “if” and everything about the good economic/trade forecast.
Fairness; it ain’t what it used to be….
I grant your point, but as a bleeding-heart liberal I felt compelled to defend the alleged conservative prosecutor on fairness grounds. He’s human, I’m human, and I presume you’re human, and the legal system (and common courtesy) depends upon a presumption of fairness. The question of balance, or bias, is another matter, and it would be so very nice if everyone stopped conflating the two ideas, because then we might be able to stop killing each other over abject foolishness.
Are you really killing yourself for real over there? Sure would be a refreshing change over you killing others (like in Iraq) over abject foolishness. Well possible abject foolishness, who knows your country might find that weapons of mass destruction any decade now so you just never know.
‘i only choose the best people” DT
https://www.cnbc.com/video/2016/09/15/trump-ill-choose-the-best-people-for-my-administration.html
I ask you if you used the same reserve when posting upon the “front end” of same and related news. I believe I know the answer, but I’m dying to learn of your reply.
Have some cake and eat it too. It’s delicious, when you can.
A strong economy is good news for everyone. Why see everything through a hyper partisan lens?
Here’s the key point: the main objections to Trump are not the economy, but his corruption, lying, rejection of democratic norms, inhumane immigration policies, etc. The economy has been doing well thanks to Obama, yet Trump’s approval is still in the tank.
So good economic news will not rescue Trump or the GOP.
… the typical delusional liberal, in total denial of the facts. Keep on dreamin’ snowflake.
And again the republican troll wannabe resorts to ad hominem.
Economists left and right acknowledged that the Trump sugar high would spur the economy short term. But the long term hangover will be hell to pay. Ical it why don’t you.
Exactly.
He knows good and Goddam well the Democrats want complete failure in every conceivable forecast before the mid-terms.
I mean…..seriously, he doesn’t know Trump’s numbers are higher at this point in his presidency than Obama’s?
Is Wade joking or is he the joke?????
… after all, that great American Bill Maher made the statement that he wishes for a recession just to make Trump look bad. No matter that people would lose their jobs, lowlifes like him don’t have to worry about going hungry themselves. And that evil hag Hillary called US “deplorables”.
The top story on our local news tonight was a warning from the IRS (the Trump Administration agency itself, not some “enemy of the people” journalist) that taxpayers urgently need to carefully review whether they need to increase their withholding or quarterly payments.
The withholding tables that were revised when the Tax Code revisions went into effect are probably in the ball park for most taxpayers who have always taken the standard deduction, but those of us who itemize may be in for a nasty shock next April. I already know that the tax “cut” is actually a rise in my family’s case.
The changes mean that many Americans who have always enjoyed a refund every spring will find themselves liable for sending in a substantial check with their 2018 return. That will come, of course, long after the November elections. The cuts in withholding were timed to help incumbents who voted for the bill to win their primaries (and to harm incumbents who voted against).
Wow, sounds a lot like the ObamaCare fees that kicked in years after it was passed.
Sure you aren’t confused about something…?
(I’m kidding, you’re confused about a LOT of things)
“Yeah, get ready street people and lower middle class, you’re paying for Warren Buffet’s tax cut. That’s all you need to know so shut up, get out there and destroy some property in the name of protesting!! It’ll all wash in the election, so here’s some stumbling around I mean walking around money, don’t call us we’ll call you next election.”
Yes, TowerTone, Warren Buffet got a massive tax cut that he never asked for, but that wasn’t my point. Yes, the tax benefits for most Americans are fairly minor, but that wasn’t my point, either.
My point was that I—and a significant number of other upper-middle-class Americans—got a tax INCREASE we never asked for. Many others got a smaller tax cut than their pay stubs currently indicate and will receive smaller refunds or owe money. The political impact of that fact was muted by issuing withholding tables that will keep many people from realizing what has happened until they sit down with TurboTax and their W-2’s next February.
Even if that were analogous to the ACA, bringing up Obamacare is the classic logical howler known as “whataboutism,” The reasoning seems to be: 1. X is bad. 2. But what about Y, which is also bad. 3. Therefore, X is good. Clearly, #3 does not follow from #2. One popular variant is: 1. You say X is bad. 2. But some people who say that are liberals. 3. Therefore, X is good.
I didn’t ignore the “if” in your comment about Manifort. I just suggested that it is premature to celebrate the famous victory of yet another “very good man,” just as none of us can anticipate how individual middle-class Americans will feel about Mr. Trump’s economic policies in November.
Reasoning; it ain’t what it used to be ….
This is what you fail to understand, TT. Rational people care about what is good for the country above personal issues or partisan politics. If you think that “liberals” – or, let’s use a more accurate title – people no affiliated with the far-right and Trumpist mashup, are disappointed that the trade situation with Mexico and China might improve, then you are an idiot. But this is just news about “talks.” We have seen news about North Korea “talks” too with no substance and no results. So, I will withhold judgment until something material happens – dropping of tariffs and signed trade agreements come to mind.
Your are projecting your attitude on everyone else, and that is a weakness on your part. You are attempting to paste the GOP mentality on everyone else. During the Obama era, the Republican members of Congress would vote against things that they, themselves, had previously proposed. All that mattered was that Obama supported e policy or legislation. It was as irrational as heck. But the purpose was to obstruct and make Obama look bad so that the GOP would gain power. Well, it worked…although not in 2012 as Republicans had hoped. But that power-play strategy was poison to this country and I cannot forgive it. Trump carries on aspects of it now…he is determined to erase the Obama legacy no matter what, even things that most people on both side of the partisan divide consider to be good things. That is just petty and vindictive.