Stocks flirt with record highs as US-China trade tension eases
Nothing is spooking investors on this particular Friday the 13th. Stock futures popped in early trading before the opening bell on the news that China is going to exempt US soybeans and pork from its next round of tariffs.
The S&P 500 was within striking distance of a new all-time high while the Dow is inching closer to a record as well. Futures for both indexes, as well as the Nasdaq, were up about 0.3%.
It’s been a stellar week for stocks, thanks to the US and China extending olive branches to one another.
Earlier this week, China agreed to exempt shrimp, cancer drugs, pesticides and more than a dozen other products from tariffs.
US President Donald Trump responded with a conciliatory move of his own, agreeing to delay a planned tariff increase from October 1 until October 15 in what Trump called “a gesture of good will” in a tweet.
The Dow is up nearly 1.5% so far this week and is on track for its third consecutive weekly gain. The S&P 500 and Nasdaq have each risen more than 1% this week and are also on pace for a third straight weekly win.
