NASDAQ Hustles, Dow Fizzles to End Session
May 29,2020 04:36 pm EST
The S&P 500 rose slightly on Friday, erasing losses earlier in the session, as traders breathed a sigh of relief after President Donald Trump signaled no changes to the trade deal with China despite rising tensions.
The Dow Jones Industrials gave back gains picked up during the afternoon, and finished Friday in the red 17.53 points to 25,383.11, as American Express and JPMorgan weighed.
The S&P 500 gained 14.58 points to 3,044.31.
The NASDAQ Composite shot ahead 120.88 points, or 1.3%, to 9,489.87, as chip stocks rallied.
The S&P 500 and the Dow gained 3% on the week, bringing the 500''s advance in May to 4.5% while the Dow leaped 4.2%. The tech-heavy NASDAQ rose 1.7% this week, pushing its rally this month to 6.7%.
During a much-awaited news conference, Trump said he would take action to eliminate special treatment towards Hong Kong. However, he did not indicate the U.S. would pull out of the phase one trade agreement reached with China earlier this year, easing trader concerns for the time being.
Marvell Technologies and Nvidia were among the biggest gainers among techs, Marvell rising 8.8% and Nvidia vaulting 4.6%.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.65% from Thursday''s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.69 to $35.40 U.S. a barrel.
Gold prices jumped $16.70 to $1,745.00 U.S. an ounce.