Stocks see-saw as Trump says China 'wants to make a deal'
Stocks trimmed losses late Friday following President Trump’s remarks that indicated the U.S. is closer to a deal with China.
“We have had very good discussions with China....they very much want to make a deal” Trump told reporters. Trump is set to meet with China’s President Xi Jinping at the G20 meeting in Argentina in late November according to officials.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38328.98 | +243.18 | +0.64% |
| SP500 | S&P 500 | 5112.8 | +64.38 | +1.28% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15969.042166 | +357.28 | +2.29% |
The Dow Jones Industrial Average finished down 109.91 points coming back from a 300 point drop earlier in the session. The S&P 500 lost 0.6 percent or 17.31 points while the Nasdaq got hit the hardest falling over 1 percent or 77.06 points, led by a selloff in Apple shares following a disappointing forecast.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 169.89 | +0.87 | +0.51% |
Apple, the world's most valuable company, dropped sharply after the forecast for the key holiday selling season fell short of some expectations and shares fell around 7 percent. However, profit and revenue topped estimates. Shares of the maker of iPhones and iPads is now in a correction, falling 10 percent from its highs.
A potential deal with China comes as new Iran sanctions are likely going into effect on Monday. Oil hovered around the $63 per barrel level on Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CLM24 | Crude Oil | 83.80 | +0.23 | +0.28% |
Outside of global politics, the U.S. economy remains on solid footing with the addition of 250,000 jobs in October, with the 3.7 percent unemployment rate holding at the lowest level since 1969. Wages also rose 3.1 percent the best gain since the recession.
On Thursday, U.S. stocks rallied across the board for a third session and on the first day of November after a scary October that was the worst month for U.S. stocks in seven years.
The tech heavy Nasdaq paced the gains as investors focused on Apple earnings, gaining 128.16 points, or 1.8 percent, to 7434.06.
The Dow Jones Industrial Average rose 264.98 points, or 1.1 percent, to 25380.74. The S&P 500 added 28.63 points, or 1.1 percent, to 2740.37.
FOX Business' Ken Martin and The Associated Press contributed to this article.