Friday , July 23 2021

S & P and Dow are optimistic about trade; Nasdaq Nvidia Sinks – 11/16/2018

April April Joyner

NEW YORK (Reuters) – The S & P 500 and the Dow Jones rose on Friday after President Donald Trump said the United States might not have to impose additional tariffs on Chinese products, but the decline in Nvidia, and Facebook shares made Nasdaq step down.

The Dow rose 0.49 percent to 25,413.22 points, the S & P 500 gained 0.22 percent to 2,736.14 points, and the Nasdaq fell 0.15 percent to 7,247.87 points.

All three indexes retreated early in the session, after Nvidia's disappointing predictions about the technology sector.

The indexes rose after Trump said that China appeared willing to make a trade deal.

"The market pays attention to everything related to trade," said Veronica Willis, an investment strategy analyst at the Wells Fargo Investment Institute.

"(Trade agreements) will increase expectations of global growth, which will be good for stocks."

But the fall of Nvidia made the Nasdaq red.

Nvidia fell 18.8 percent after the company reported a decline in crypto coins as a cause of a decline in sales. Chipmakers also weighed on the Philadelphia semiconductor index.

Facebook shares also fell 3 percent on concern the company might face regulatory oversight following a New York Times news report that the company had tried to fend off criticism about how to deal with Russian propaganda.

New comments from newly appointed Federal Reserve deputy chairman Richard Clarida that US interest rates approach neutral levels also support stocks, investors said.

In this week, all three indices suffered losses. The S & P 500 fell 1.61 percent, the Dow lost 2.22 percent and the Nasdaq produced 2.15 percent.

(Additional reporting by Sruthi Shankar)

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