The S&P 500 has closed marginally lower in a choppy session, but major indexes posted weekly gains for the first time in December following a wild few days of trading that saw equities rebound from a prolonged slide.
The Dow Jones Industrial Average fell 76.42 points, or 0.33 per cent, to 23,062.40, the S&P 500 lost 3.10 points, or 0.12 per cent, to 2485.73, but the Nasdaq Composite added 5.03 points, or 0.08 per cent, to 6584.52. For the week, the S&P 500 rose 2.86 per cent, the Dow added 2.75 per cent, and the Nasdaq gained 3.97 per cent.
Major indexes moved in and out of positive territory during the day, action that was emblematic of recent volatility though lacking the huge swings of the past week. The Dow finished modestly lower, while the Nasdaq eked out a slight gain.
On the trade front, Trump and Xi spoke at length by phone on Saturday, with each expressing satisfaction with trade talks initiated after their meeting earlier this month in Argentina. Trump said in a tweet that negotiations were “moving along very well” toward a comprehensive deal, while Chinese state media said Xi believed both sides wanted “stable progress.”
With the year coming to an end, investors will be watching key US economic reports next week, including on manufacturing and employment. Thursday’s trading was marked by a stunning reversal late in the session to build on a rally that started on Wednesday with the biggest single-day percentage gains for the indexes in nearly a decade. The week started off with Wall Street’s worst-ever Christmas Eve drop, pushing the S&P 500 to within a whisker of bear market territory.
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