Wall Street hangs on tight ropes over trade hopes

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Wall Street hangs on tight ropes over trade hopes

On Friday, the 24th of May 2019, the Wall Street posted gains ahead of a long Memorial Day weekend, after US President Donald Trump had signaled a positive U-turn of an escalated trade spat with China. Later on Thursday (Friday 23rd), at a speech, US President Donald Trump had indicated that the Huawei-ban issue could be included into the next round of trade talk, while he also addressed the technology giant ‘very dangerous’, meanwhile analysts had been suggesting that US President had at last publicly hinted his intent to utilize Huawei as a leverage on his tariff war with China.

Never the less, for the moment being, no high-level trade talk had been scheduled between United States and China, and it was expected that the top leaders of Beijing and Washington would be trying to break off the grinding gridlock over a G-20 summit due to held in Japan later on June.

Addressing concerns over investors’ confidence ahead of a long weekend, a chief investment strategist at CLS Investment in Omaha, Nebraska, Marc Pfeffer said, “The markets seem to be struggling to hold on to gains right now because people don’t want to be too long heading into the holiday weekend”.

Citing statistics, at Friday’s (May 24th) market closure, Dow was up by 0.45 percent to 25,605.50, and S&P gained 0.33 percent to 2,831.55, while Nasdaq added 0.42 percent to 7,659.99.