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Stocks - Wall Street Ends Higher Amid Trade Confusion

Stock MarketsMay 10, 2019 04:58PM ET
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Investing.com - Stocks ended higher Friday, as bullish trade comments from President Donald Trump lifted stocks. But more cautious comments from Treasury Secretary Steve Mnuchin about future trade talks kept a lid on gains.

The Dow Jones Industrial Average rose 0.44%, the S&P 500 gained 0.37%, while the Nasdaq Composite added 0.08%.

Mnuchin's somewhat sobering message on trade arrived on heels of positive remarks from Trump that trade talks would continue into the future. Trump also left the door open to possibly removing the latest round on hikes on goods imported from Beijing, which went into effect at midnight Friday.

"In the meantime, the United States has imposed Tariffs on China, which may or may not be removed depending on what happens with respect to future negotiations!," Trump said in a tweet.

The U.S. moved ahead with plans to hike tariffs on $200 billion dollars worth of Chinese imports to 25% from 10%.

Trade-sensitive stocks like Caterpillar (NYSE:CAT) and Boeing (NYSE:BA) ended the day flat.

Beyond trade, energy stocks ended the day modestly higher as U.S. oil prices recovered on bets for a potential drop in global supplies amid sanctions on Iran and ongoing conflict in Libya.

In tech, Apple (NASDAQ:AAPL) added to recent losses as investors worried that a rise in trade tensions between Washington and Beijing could hurt China's economy and dent consumer demand. Apple has slumped 6.9% over the last five days, its worst week of trading this year since Trump announced plans to hike tariffs on China.

On the earnings front, market participants had to contend with mixed quarterly results.

Symantec (NASDAQ:SYMC) plummeted 12.5% after CEO Greg Clark left the company in the wake of first-quarter earnings that fell short of Investing.com's consensus expectations and underwhelming guidance. Viacom (NASDAQ:VIAB) ended higher despite mixed quarterly results amid a beat on the top line.

In other company news, Uber (NYSE:UBER) dropped 7.6% on its public market debut, closing below its IPO price of $45 per share.

In economic news, the Labor Department said on Friday its consumer price index rose 0.3% last month after rising 0.4% in March, strengthening the Federal Reserve's case to stick with its current pause on monetary policy.

Top S&P 500 Gainers and Losers Today:

Booking Holdings (NASDAQ:BKNG), Linde (NYSE:LIN) and News Corp (NASDAQ:NWSA) were among the top S&P 500 gainers for the session.

Symantec (NASDAQ:SYMC), Wynn Resorts (NASDAQ:WYNN) and Regeneron Pharmaceuticals (NASDAQ:REGN) were among the worst S&P 500 performers of the session.

Stocks - Wall Street Ends Higher Amid Trade Confusion
 

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Comments (7)
Chris Canis
Chris Canis May 16, 2019 2:58PM ET
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Market is nuts. Put tariffs on. Oh we are still trade talking the tariffs could come off. Market goes back up.
Hank Williams
Hank Williams May 11, 2019 11:26AM ET
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Trade is going to be something that will take years to correct. To correct, it will need to be monitored going forward in specifics and not broad generalities. And maybe spend some time looking at how we got here. As man, we learn a lot from man's history. The good and the bad.
brad merck
brad merck May 11, 2019 9:13AM ET
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Next week ,down , Trump lie , he Lost 10 milllons with play news he recovered his money
Kunal Khaire
Kunal Khaire May 10, 2019 9:51PM ET
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who pays for the extra taxes imposed by Trump ?? is'nt it the American people ?? Trump making sure that Americans are debtors for long
Dennis Halverson
Dennis Halverson May 10, 2019 7:03PM ET
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So...everyone is confused that is why the market went up? I don't think so.
Notvery Goodathis
Peteymcletey May 10, 2019 6:16PM ET
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Apple went down because tariffs could massively raise the price of iPhones etc in the US. The effect of tariffs on China's economy is minimal.
Dennis Halverson
Dennis Halverson May 10, 2019 6:16PM ET
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If the Chinese lose another 4 million jobs in 2019, there will be a new leadership in China.
LI SH
LI SH May 10, 2019 6:16PM ET
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Agree, bring down the ruiling party, social instability in China will permanently solve our Issue
Michael Angelo
Michael Angelo May 10, 2019 5:16PM ET
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So confusion is good for the market?
Junk Man
Junk_Man May 10, 2019 5:16PM ET
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Confusion makes a market
Notvery Goodathis
Peteymcletey May 10, 2019 5:16PM ET
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I'm confused
Junk Man
Junk_Man May 10, 2019 5:16PM ET
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And there is another person who thinks they are not confused... A market.
 
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