“Stocks traded near intraday highs Friday, with the Dow and the Nasdaq on track to gain for an eighth week in succession, as investors focused on continued progress in trade negotiations between China and the U.S.,” Sue Chang and Chris Matthews report for MarketWatch. “Expectation for talks to continue next week in Washington has added fresh hope that a resolution was near, even if the parties appeared far apart on key points.”
“The Dow Jones Industrial Average rose 356 points, or 1.4%, to 25,796, while the S&P 500 index gained 23 points, or 0.9%, to 2,769. The Nasdaq Composite Index climbed 34 points, or 0.5%, to 7,461,” Chang and Matthews report. “For the week, the Dow is poised to rise 2.7%, the S&P 500 is looking at a 2.3% advance, while the Nasdaq is set to gain 2.2%.”
“U.S.-China trade talks wrapped up Friday in Beijing, with reports that negotiators remained deadlocked over key issues, but were set to extend their discussions in to next week in Washington — viewed as a sign that both sides were eager to reach a deal ahead of March deadline,” Chang and Matthews report. “The U.S. negotiating team met with Chinese President Xi Jinping and those discussions were said to be upbeat. China is reportedly hoping that purchases of U.S. semiconductor and other goods will ease tensions and persuade Trump to extend a tariff truce which ends on March 1. A big chunk of gains for stocks this week have been credited to optimism over the trade negotiations. Xi hailed the talks as having achieved ‘important progress,’ according to China’s official Xinhua News Agency, suggesting the Chinese government is keen for a quick resolution to the trade standoff.”
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MacDailyNews Take: Hopefully, we’re close to a comprehensive U.S.-China trade deal that works for both countries.
I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced. My belief is that one plus one equals three. The pie gets larger, working together. — Apple CEO Tim Cook, March 24, 2018
The United States is insisting that all countries that have placed artificial Trade Barriers and Tariffs on goods going into their country, remove those Barriers & Tariffs or be met with more than Reciprocity by the U.S.A. Trade must be fair and no longer a one way street!
— Donald J. Trump (@realDonaldTrump) June 24, 2018
At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment. — Thomas Sowell, June 14, 2006
Apple CEO Tim Cook optimistic about U.S.-China trade talks – February 12, 2019
President Trump says U.S. doing well in trade negotiations with China – January 23, 2019
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Apple CEO Tim Cook: I’m very optimistic about U.S.-China trade talks – January 8, 2019
Advisor to President Trump: Apple’s sales should pick up when U.S.-China strike trade deal – January 3, 2019