Wall Street closes the week mixed as trade worries resurface


  • Retails sales growth slows down in August.
  • Trump gives the green light to China tariffs.
  • Major indexes record gains for the week.

After starting the last day of the week higher, major equity indexes lost their traction and finished the week on a mixed note on resurfacing concerns over Trump administration's trade policies.

A Bloomberg report on Friday stated that President Donald Trump told aides to go ahead with $200 billion China tariffs despite an attempt by Washington to restart trade negotiations and weighed on the market sentiment. Confirming Bloomberg's claims, "President Trump has been clear that he and his administration will continue to take action to address China’s unfair trade practices," the White House said in a statement.

“There are a lot of headlines that have come out here, people have been pretty active all week, and it’s Friday afternoon. You don’t really want to add additional risk when you don’t know what news might hit over the weekend,” Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut, told Reuters.

The S&P 500 Information Technology Index, which outperformed the other major sector yesterday, failed to preserve its momentum and closed the day virtually flat. On the other hand, despite the fact that the West Texas Intermediate failed to break above $70 and dropped below $69, Baker Hughes report, which showed a big increase in the number of active oil rigs, boosted the S&P 500 Energy Index and helped it close 0.56% higher.

Meanwhile, the data from the U.S. earlier today showed that retail sales in August rose only 0.1% to fall short of the market expectation of 0.4%. However, the July reading received an upward revision to 0.7% from 0.5%.

The Dow Jones Industrial Average added 8.17 points, or 0.03%, to 26,154.16, the S&P 500 gained 0.32 points, or 0.01%, to 2,904.50 and the Nasdaq Composite fell 4.86 points, or 0.06%, to 8,008.85. For the week, these three indexes added 0.9%, 1.2%, and 1.4%, respectively.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 

EUR/USD News

GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 

GBP/USD News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures