- Wall Street closed mixed Thursday amid trade hopes and economic growth concerns.
- The S&P 500 shed 4.6% last week, the most since March.
- Watch the major US indexes trade in real time here.
Stocks were mixed Thursday as investors weighed optimism for thawing trade tensions between the US and China against concerns about the possibility of slowing economic growth around the world.
The Dow Jones Industrial Average rose 0.3%, or around 70 points. The Nasdaq Composite fell 0.4%, and the S&P 500 was mostly flat. After stocks posted their biggest weekly decline since March on Friday, the three major US indices are still on pace to end this week in positive territory.
Markets rallied Wednesday on signs that Washington and Beijing were making progress ahead of a March deadline for resolving trade tensions. The Wall Street Journal reported China is drafting plans to replace its industrial Made in China program, which has been at the center of the Trump administration’s trade frustrations. Beijing also agreed to buy more American agricultural products.
But concerns about slowing growth and rising rates has rattled investors in recent months. Next week, the Federal Reserve is expected to increase its benchmark interest rate to a range between 2.25% and 2.5%.
Treasury yields, which move inversely to prices, were mostly lower. The dollar edged higher against a basket of peers.
Retail shares fell after Under Armour reported guidance on Wednesday that fell short of analyst expectations. Shares of the company fell nearly 7 after sinking more than 10% the previous day. Other stocks in the sector also declined, snapping the SPDR S&P Retail Index’s three-day winning streak.
Elsewhere, General Electric rallied more than 7% after JPMorgan Chase upgraded the company to neutral from underweight.
On the commodities front, oil prices climbed more than 3%. OPEC and other major producers agreed last week to cut production levels in attempt to support prices. West Texas Intermediate jumped to more than $US53 per barrel, and Brent to around $US61.
Global stocks were also mixed. The Stoxx Europe 600 fell 0.2%. Markets in Asia jumped, meanwhile, with Japan’s Nikkei 225 up about 1% and Hong Kong’s Hang Seng Index 1.3% higher.
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