|Day's Range||7,631.66 - 7,694.15|
|52 Week Range||6,190.17 - 8,176.08|
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NEW YORK (AP) — U.S. stocks rebounded in midday trading on Wall Street Friday, but were still on track for a third straight week of losses.
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World stocks edged higher on Friday and oil prices bounced after comments by President Donald Trump encouraged hopes of progress in U.S.-China trade talks while British Prime Minister Theresa May's resignation briefly sent sterling fluctuating wildly. The index gained 0.2% on Friday following the overnight comments from Trump, who said issues with China's Huawei Technologies Co Ltd might be resolved within the framework of a broader trade deal. China mainland blue chips and Hong Kong stocks climbed around 0.3% while Japan's Nikkei fell 0.2%.
The Overbought/Oversold Oscillators indicated a bounce, which we are getting Friday. However, while some bounce may transpire over the very near term several of the major equity indices have closed below their near-term support levels, turning those trends negative.
World equity markets rebounded on Friday from heavy selling the previous day after President Donald Trump said U.S. complaints against China's Huawei Technologies might be resolved within the framework of a Sino-U.S. trade deal. While Trump on Thursday said a trade deal could resolve U.S. complaints against Huawei, he also called the Chinese telecommunications giant "very dangerous," suggesting resolution of the trade spat and stand-off over Huawei is not near.
Trump said on Thursday that Huawei Technologies Co Ltd could be included in the trade deal. The S&P 500 index is on pace to end the week 1% lower, which would make it the third straight week of losses for the benchmark index, as markets worried that the trade war would result in a global economic slowdown. "The positive trade narrative has trumped data today," said Mike Dowdall, investment strategist for BMO Global Asset Management, in Chicago.
U.S. stocks gained on Friday, ahead of a long Memorial day weekend, as investors breathed a sigh of relief after President Donald Trump indicated that the protracted trade war with China could end soon. Trump said on Thursday that Huawei Technologies Co Ltd could be included in the trade deal.
With three days of tweets and other trade-war related headlines ahead of us, traders might not want to be long when the market closes on Friday.
Stocks struggle to maintain gains Friday that came after the Trump administration said could back off a harsher stance on Huawei Technologies Inc. as part of a bigger trade deal with China.
Gains for the broader stock market were losing momentum Friday morning, heading into an extended holiday weekend for U.S. markets. The Dow Jones Industrial Average was up 31 points at 25,519 , but had been up by as many as 180 points to start the day's action. The S&P 500 index was basically flat at 2,824. Both indexes were clinging to gains of about 0.1%. Meanwhile, the Nasdaq Composite Index was up 0.2% at 7,646. All three benchmarks are set to book weekly losses, with the Dow set for its longest string of weekly declines -- five straight-- since a six-week skid ended June 10 of 2011. The U.S. market will be closed on Monday for Memorial Day. Trade tensions between the U.S. and China have been a big driver of market turbulence over the past few weeks.
The stock market correction intensified this week along with China trade war fears. Qualcomm and other chipmakers dived. So did department stores and Tesla.
The U.S. stock market will close Monday in observance of Memorial Day to honor and remember the brave men and women who died serving their country.
The Dow Jones Industrial Average on Friday was gaining to close out a mostly downbeat trading stretch, but the gains don't appear to be sufficient for the blue-chip to avoid its longest weekly string of losses in about eight years. The Dow was set for a weekly decline of 0.5%, even as the benchmarks rose 150 points, or 0.6%, at 25,640. If the gauge logs a weekly loss it would be its fifth straight, representing the longest such weekly skid since a six-week slump ended June 10, according to FactSet data. Meanwhile the S&P 500 index was trading 0.6% higher, on track for a weekly slump of 0.7%, while the Nasdaq Composite Index gained 0.8% at 7,689, but set for a weekly decline of 1.6%. Both indexes are on track for their third straight weekly declines.
U.S. stocks posted broad-based gains on Friday, ahead of a long weekend, as sentiment was buoyed by optimistic comments by President Donald Trump that the protracted trade war with China could soon end. Trump said on Thursday that Huawei Technologies Co Ltd could be included in the trade deal.
The decade-long bull market in stocks — and particularly the rally from the December low — has created a horde of disgruntled bears lurking for a chance to scare. In fact, bears may finally be just one step away from staging a revenge move. A sustained trade below 2,800 would give bears an opportunity to take revenge.