Wall St. ekes out gains after wild swings on record low retail sales, China worries

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Wall St. ekes out gains after wild swings on record low retail sales, China worries

On Friday, the 15th of May 2020, all three major indexes of Wall St. had managed to put their bottoms up in an affirmative territory following multiple waves of wild swings between losses and gains as investors’ worries remained intact on an escalated Sino-US trade row, while a basket of baleful economic data released on Friday (May 15th) including a plunge of US April retail sales to a new all-time low of 16.4 and a dwindling of US industrial activities at their steepest pace in 101 years, had added to further woes, nonetheless, a growing optimism over an ease of lockdown across the United States appeared to have buoyed up investors’ sentiment.

In point of fact, Friday’s (May 15th) shocking US economic data came shortly after the US President Donald Trump had trumpeted a move that would likely to block Huawei Technologies out of the global chipmaking market, ratcheting up trade tensions further, while as an inevitable consequential repercussion, China’s Commerce Department had been preparing a list of unreliable US companies including Apple, Boeing, Qualcomm and a many more, a Global Times report had unveiled late on Friday (May 15th).

Meanwhile, referring to a growing uncertainty in the Wall St. as Sino-US trade spat appears to be adding renewed headaches on global money markets, a Chief Investment Officer at Huntington National Bank in Columbus, Ohio, John Augustine said on Friday’s (May 15th) Wall St.

closure, “We got the Friday jitters on China trade but late this afternoon the market turned its focus on reopenings. We’re smack in the middle of May and think this might be the worst of the economic numbers. There’s a chance they start to slowly turn positive.

” Quoting statistics, on Friday’s (May 15th) Wall St. wind down, the trade-sensitive Dow rose by 0.25 per cent to 23,685.42 and the benchmark S&P 500 had eked out 0.39 per cent in gains to 2,863.7, while the tech-heavy Nasdaq Composite gained 0.79 per cent to 9,014.56.