A boom-boom week on Wall St. ends up on a wail

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A boom-boom week on Wall St. ends up on a wail

On Friday, the 21st of June 2019, all three key indexes of Wall St. were slipped, while US Vice President, Mike Pence’s decision of deferring a speech on China’s business policy had rekindled trade optimism and a Washington-Tehran tension over the Strait of Hormuz and the Gulf of Oman had undermined investors’ sentiment.

Earlier on US trading hours, the Standard & Poor 500 had momentarily reached an all-time-high of 2,964.15, however, stepped back later over intensifying tension between Iran and United States, which kept large buyers at bay.

In fact, traders had also shown caution ahead of a long-anticipated high-stake Trump-Xi meeting next week on Japan over an eleven-month-long Sino-US trade dispute which had every potentiality to reverse the gear of financial markets all over the world.

Adding that any indication of progress on trade talks would be affirmative for the Wall Street, a portfolio manager at Swarthmore Group in Philadelphia, Kurt Brunner said, “People will be focusing on what happens at the G20 with Presidents Trump and Xi”.

On Friday’s (June 21st) market wrap-up, stocks had logged a third straight week of gains in a row after displaying a scathing show last month. Quoting statistics, Dow had dipped 0.13 percent to end the week at 26,719.13, while the S&P shed 0.13 percent to 2,950.46 after breaching its record all-time-time during the early US trading hours, and Nasdaq was down by 0.24 percent to 8,031.71 at Friday’s (June 21st) market round off.