On Friday, a slew of Wall St. stock indices wrapped up the day in a fairly upbeat tone as investors gauged the scale of measures announced by the US President Donald Trump in response to China’s new National Security Law to prevail Hong Kong’s pro-democracy protests and found the Washington moves less menacing for the money markets than initially fretted.
Besides, while the trade-sensitive Dow winded down the day slightly lower, all three key indices of the Wall St. had registered a weekly rise and had logged the second straight month of gains with the benchmark Standard & Poor 500 surging roughly 17.8 per cent in April and May, marking up the index’s biggest two-month percentage gain since the Great Financial Depression.
In point of fact, S&P 500 opened the day marginally lower and were extending its losses following Trump’s remarks that the United States would soon begin to terminate the special privileges of the China-controlled island city of Hong Kong, however, since Trump’s comments didn’t signal any notable intent to harm the US-China Phase One trade deal signed off on mid-January, all three key indices of Wall St.
had pared morning session’s losses.
Wall St. gathers footing in late-session rally
Citing statistics, on the day’s Wall St. wind down, the Dow fell slightly by 0.07 per cent to 25,383.11 and the S&P 500 added 0.48 per cent to 3,044.31, while the Nasdaq Composite had climbed as much as 1.29 per cent to round off the day at 9,489.87.
Meanwhile, adding that the remarks of the US President appeared to be less staggering for the money markets than initially feared, which in effect had added a bullish wing on investors’ bets over the riskier assets, a Chief Investment Officer at Independent Advisor Alliance in Charlotte, North Carolina, Chris Zaccarelli said at the session’s closing bell, “He (Trump) began speaking in a very tough tone.
The market was worried he was going to announce something substantial, something detrimental to the U.S. economy. Then, as he spoke, it became clear the actions being taken were not going to be as dramatic as originally feared. ”