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US STOCKS-S&P 500 up in choppy action after Trump comments on China

Published 05/30/2020, 03:24 AM
Updated 05/30/2020, 03:30 AM
© Reuters.
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DJI
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* Indexes: Dow flat; S&P 500 up 0.3%, Nasdaq up 0.9%

(Adds details from Trump announcement)
By Caroline Valetkevitch
May 29 (Reuters) - The S&P 500 was up in late, choppy
trading Friday after President Donald Trump made comments on
China that appeared less worrisome for the U.S. economy than
investors apparently had feared.
Stocks initially extended losses after Trump said China
broke its word on ensuring the autonomy of Hong Kong, the former
British colony, and said the United States is terminating its
relationship with the World Health Organization, something he
had threatened to do earlier this month. "He began speaking in a very tough tone. The market was
worried he was going to announce something substantial,
something detrimental to the U.S. economy. Then as he spoke it
became clear the actions being taken were not going to be as
dramatic as originally feared," said Chris Zaccarelli, chief
investment officer at Independent Advisor Alliance in Charlotte,
North Carolina.
Increased tensions between the United States and China are
taking some shine off the market as it was about to wrap up
another month of strong gains.
The Dow Jones Industrial Average .DJI rose 3.99 points, or
0.02%, to 25,404.63, the S&P 500 .SPX gained 8.35 points, or
0.28%, to 3,038.08, and the Nasdaq Composite .IXIC added 85.58
points, or 0.91%, to 9,454.57.
The S&P 500 opened weaker on Friday amid the concerns over
the U.S.-China tensions. Despite worsening relations between the world's two largest
economies, expectations of a quick economic recovery from the
coronavirus pandemic have driven the S&P 500 .SPX up more than
30% from its March lows.

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