Sunday, September 15, 2019
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Market Digest Online FRIDAY, SEPT. 13, 2019: tocks rose on Thursday, approaching record levels, as Wall Street digested a slew of U.S.-China trade news along with a large bond buying program from Europe's central bank. The Dow Jones Industrial Average closed 47 higher, or 0.2%, posting a seven-day winning streak. The S&P 500 gained 0.3% to notch its third straight gain. The Nasdaq Composite advanced 0.3%.

President Donald Trump agreed on Wednesday to delay an additional increase in tariffs on Chinese goods by two weeks "as a gesture of good will." The move raised hopes of a thaw in trade frictions between the world’s two largest economies.

Chipmakers such as ON Semiconductor and Advanced Micro Devices rose 0.9% and 1.5%, respectively. The tech sector was the best performer in the S&P 500, led by a 3% gain in PayPal. Microsoft also closed 1% higher.

The U.S. and China have imposed tariffs on billions of dollars worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment. Trade officials from both sides are expected to hold talks in Washington in early October.

"It's a work in progress," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, about the trade situation. "Both sides are posturing. The timing and magnitude of any new trade agreement remains unknown with no indication that either side is willing to concede on structural issues."

Sandven added trade will impact the market "for the foreseeable future" but noted stocks have already had a "banner year."

The Dow ended Thursday's session 0.6% below an all-time high set July 16 while the S&P 500 closed 0.8% below its July 26 record. The Nasdaq, meanwhile, is 1.7% below its record high.

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