Wall St. ekes out gain amid fast-straining Sino-US trade tie-up

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Wall St. ekes out gain amid fast-straining Sino-US trade tie-up

On Friday, a gauge of US stock indices had witnessed a mixed bag in the feeble round-off of a week of strong gains, as investors appeared to be cautious with trading volume running low amid an ongoing uncertainty regarding the pace of recovery of US economy, while a revival of Sino-US trade tension had ramped up defensive bets as Nasdaq and S&P had managed to wind down the day in an affirmative territory, nonetheless, the trade-sensitive Beijing-exposed stocks had heaved down the Dow Jones Industrial Average.

In point of fact, since late Thursday the US stocks had been treading water following US President Donald Trump’s warning that the United States would strongly react on China’s slated National Security Law aimed at lashing down on Hong Kong’s pro-democracy protests, stoking possibilities of a reneging on the “Phase One” Sino-US trade deal signed off on January 15th.

On top of that, Friday’s Wall St. had pared earlier gains on late-afternoon session following reveal of a media report that the United States Commerce Department had blacklisted 33 Chinese companies, organizations and institutions citing human rights violation alongside US national security concerns.

Wall St. gains as investors’ sentiment mixed

Citing statistics, ahead of a Memorial Day Holiday on Monday, Friday’s Wall St. saw the trade-sensitive Dow falling around 0.04 per cent to 24,465.16, while the S&P added 0.24 per cent to 2,955.45 and the tech-heavy Nasdaq Composite had climbed 0.43 per cent higher to wind down the day at 9,324.59.

Meanwhile, referring to an escalating tug of war between Beijing and Washington which had dragged down all three key indices of Wall St. from their multi-month highs reached earlier this week, a chief investment officer at US Bank Wealth Management, Eric Freedman said on Friday’s closing bell, “We still think COVID-19 concerns are in the driver’s seat, but we could see U.S.-China relations move back into the front seat.

” In tandem, all three key indices of Wall St. rose about 3 per cent this week, buoyed up over optimism of a potential pandemic vaccine alongside an easing of the forced lockdown measures.