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11-May2019

US markets end higher after Trump says China trade talks to continue

The US markets ended higher on Friday after key negotiators cast a positive glow on trade talks. US Secretary of Treasury Steven Mnuchin indicated that bilateral talks were constructive even though an agreement was not reached. Meanwhile, President Donald Trump said conversations with China over trade will continue and his relationship with President Xi Jinping remains strong. However, the US hiked the tariff on $250 billion worth of Chinese goods from 10 percent to 25 percent after the US and China failed to reach a trade deal. The US increased tariffs as of 12:01 Eastern time Friday, with Beijing vowing to retaliate. Additionally, Trump noted that the process has begun to place tariffs on the remaining $325 billion worth of Chinese imports.

On the economic front, Consumer prices in the US increased by slightly less than anticipated in the month April, according to a report released by the Labor Department. The Labor Department said its consumer price index rose by 0.3 percent in April after climbing by 0.4 percent in March. Street had been expecting another 0.4 percent increase. Energy prices showed another substantial increase during the month, surging up by 2.9 percent in April after jumping by 3.5 percent in March. A 5.7 percent spike in gasoline prices account for over two-thirds of the increase by the headline index. Excluding food and energy prices, core consumer prices inched up by 0.1 percent for third consecutive month compared to economist estimates for a 0.2 percent uptick. Higher prices for shelter, medical care, education, and new vehicles more than offset significant decreases in prices for used cars and trucks and apparel. Compared to the same month a year ago, consumer prices in April were up by 2.0 percent, reflecting a modest acceleration from the 1.9 percent growth in March. The annual rate of growth in core consumer prices also crept up to 2.1 percent in April from 2.0 percent in the previous month.

Dow Jones Industrial Average surged 114.01 points or 0.44 percent to 25942.37, Nasdaq gained 6.35 points or 0.08 percent to 7916.94 and S&P 500 was up by 10.68 points or 0.37 percent to 2881.40.


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