U.S. stocks bounce higher after U.S. president talks to Fox News

U.S. stocks bounce higher after U.S. president talks to Fox News

Malaysia Sun-Business·2019-11-23 05:08

The Dow Jones index closed 111.00 points or 0.40% higher at 27,877.29

The Nasdaq Composite advanced 10.92 points or 0.13% to 8,517.13

The Standard and Poor's 500 added 6.57 points or 0.21% to 3,110.11

NEW YORK, New York - U.S. President Donald Trump was at it again on Friday, moving markets with an upbeat assessment of the chances of concluding a trade deal with China.

"We have a deal potentially very close," the president told "Fox and Friends" on Friday morning. "He (Chinese President Xi Jinping) wants to make it much more than I want to make it. I'm not anxious to make it. We're taking in hundreds of billions of dollars in tariffs," he said.

The words "potentially very close," was what got markets moving.

"It's tied back to the on-again, off-again narrative that's been the consistent theme regarding a potential trade deal with China. Our president says we're on today so the market's responding accordingly," Mike Loewengart, vice president for investment strategy at E*Trade Financial Corp in New York told the Reuters Thomson news agency on Friday.

At the close of trading Friday, the Dow Jones index was ahead 111.00 points or 0.40% at 27,877.29.

The Nasdaq Composite advanced 10.92 points or 0.13% to 8,517.13.

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