Wall St. cracks losing streak after Trump’s consolation trade comments

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Wall St. cracks losing streak after Trump’s consolation trade comments

On Friday, the 10th of May 2019, all three key indexes had rounded off the day in an affirmative territory after heavily plummeted for four straight days in a row over concerns of China tariff hike. Nevertheless, all three key indexes of Wall Street had opened Friday’s (May 10th) market much lower after implementation of Trump’s China tariff at GMT.

04.01, however, during midday US trading hours, US stocks started to rebound after US President Donald Trump and US Treasury’s Mnuchin had been quoted saying that the latest leg of trade talk had been constructive. However, despite an escalation of Sino-US trade war with China’s retaliatory measures seem to be imminent, in particular on US agriculture sector, Wall St.

had somehow managed to end the day in an affirmative territory, snapping a four-day losing streak, following consolation trade comments from US Treasury Secretary Mnuchin. Besides, the Friday’s (May 10th) pullback amid a glim market backdrop had also contributed by a Chinese state-controlled Xinhua news agency report, which said that the US trade negotiations would be visiting Beijing for the next round of trade talk, although the report could not unveil an exact timeframe.

Citing statistics, on Friday’s market wrap-up, Dow rose by 0.44 percent and S&P posted a gain of 0.37 percent, while tech-heavy Nasdaq composite added 0.08 percent. Over concerns of Trump’s tariff hike on Chinese imports, despite Friday’s (May 10th) gain, Dow posted a weekly plunge of 2.12 percent, while S&P had shredded off 2.17 percent of its earlier gains this week, and Nasdaq slated a weekly loss of 3.03 percent.