The Register Citizen (Torrington, CT)
Light trading ends with mixed results
U.S. stocks closed mixed in thin trading as the Trump administration and Canada were said to plan on resuming trade talks next week after discussions Friday ended with no deal. Emerging-market shares extended their slide, while the dollar climbed.
Volume in the S&P 500 Index was almost 14 percent below average ahead of a three-day weekend. The benchmark equity gauge ended little changed, weighed down by automakers, after the discussions in Washington were said to stall and plans were made to begin talks again Wednesday. Developing-nation stocks slumped for a third straight session and India’s rupee dropped to a record as contagion spread from Argentina and Turkey.
The S&P 500 ended the week up 0.9 percent, and 3 percent higher for the month.
Caution was the dominant theme in the final days of August even as the S&P 500 headed to its third straight weekly gain and fifth straight monthly advance after hitting a record high Wednesday. While the Federal Reserve remains on its tightening path and Chinese authorities have moved to stem declines in the country’s currency, the threat of global growth taking a hit from souring trade relations remains front and center for investors.
U.S. President Donald Trump wants to move ahead with a plan to impose tariffs on $200 billion in Chinese imports as soon as a public-comment period concludes next week, according to people familiar with the matter. In an interview with Bloomberg he also took a swipe at Europe, raising concern about the longevity of his recent agreement with Jean-Claude Juncker, which was intended to stave off a broader trade war.
Carmakers led the Stoxx Europe 600 Index lower after Trump cast doubt on the scope of a trade deal between the U.S. and Europe. European bonds edged higher while the euro fell as the region’s inflation unexpectedly slowed.