Investors decided not to make any big moves Friday as they try to assess what's going on with the long-running U.S.-China trade war.
But miniscule gains were still enough to close out the week at record closing highs for the Dow, the S&P 500 and the Nasdaq.
President Trump cast doubt on whether there will be a rollback on existing tariffs against Chinese goods, saying he had not made a final decision - one day after officials said both sides agreed to do so if phase one of their trade deal is completed.
Despite the latest trade uncertainty, the long-term uptrend in stocks remains intact, says Peter Cardillo, he's chief market economist at Spartan Capital Securities.
(SOUNDBITE)(English) PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, SAYING: "It's all about the fundamentals of the stock market, which remain quite healthy.
We're coming out of the third-quarter earning season in a good way.
Many companies have beat their expectations.
Of course they were scaled back, nevertheless the outlook from Corporate America hasn't really changed that much." That positive boost to investor sentiment continued Friday.
Donald Trump has ridiculed election rival Joe Biden at a rally in Arizona,while a crowd called for the Democratic presidential candidate to be 'lockedup'. Mr Trump was addressing a rally in the last days before the election.
Credit: PA - Press Association STUDIO Duration: 01:42Published
The Dow and S&P 500 fell on lackluster earnings, election worries and rising COVID-19 cases worldwide, but tech stocks fared better and had positive news after the close when Microsoft topped sales forecasts. Conway G. Gittens has the market action.
U.S. stocks tumbled on Monday, with the S&P 500 posting its biggest daily decline in four weeks, as soaring coronavirus cases and uncertainty about a fiscal relief bill in Washington dimmed the outlook for the U.S. economic recovery. This report produced by Yahaira Jacquez.
U.S. stocks rallied on Tuesday with the Nasdaq snapping a five-day losing streak as investors bet there would be a soon-to-emerge agreement on an economic stimulus package. Netflix posted disappointing quarterly results. Conway G. Gittens has more.
Wall Street's main indexes ended higher Wednesday to snap a three-session losing streak as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq confirmed correction territory. Fred Katayama reports.
On Wednesday, Tesla shares rallied as much as 10%. The rally added about $32 billion in market value to the company. Other tech stocks like Apple, Amazon were also in the green after the Nasdaq tumbled a record 10% in three trading days. On Tuesday, Elon Musk's Tesla saw its stock price plunge 21%, erasing $82 billion from its market capitalization. Business Insider reports that Tesla completed a $5 billion share sale and a five-for-one stock split last week.
U.S. stocks closed lower for a third straight session Tuesday as tech stocks extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. Fred Katayama reports.
As the Nasdaq fell 5% intraday Thursday, Crossmark Global Investments' Victoria Fernandez, who last month advocated trimming positions on big cap tech stocks, says the market may have further to drop. She tells Reuters' Fred Katayama investors should later buy consumer staples, utility, and energy stocks.
The Dow has hit 28,000. Jeff Marks, senior portfolio analyst with Action Alerts PLUS, talked to TheStreet about the Dow hitting the record high and whether or not the market can sustain these all-time..