Markets churned this week on uncertainty about whether the U.S. and China can soon halt their trade dispute.
U.S. stocks shook off a midday stumble to finish slightly higher Friday, though the modest rebound was not enough to keep the S&P 500 from breaking its longest stretch of weekly gains in two years.
Markets around the world churned this week on uncertainty about whether the U.S. and China can soon halt their trade dispute, or at least stop it from escalating. New U.S. tariffs are set to hit Dec. 15 on many Chinese-made items on holiday shopping checklists, such as smartphones and laptops.Tariffs already put in place have hurt manufacturing around the world, and businesses have held back on spending given all the uncertainty about where the rules of global trade will end up.
Despite the mostly down week, the major U.S. stock indexes are on track for strong gains this year. The S&P 500 and Nasdaq are up by more than 24%, while the Dow is up nearly 20%. Trump said “we have a very good chance to make a deal” in an interview with Fox News after reports through the week raised the possibility that a “Phase 1” agreement may not be in place until 2020.
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