The Dow Jones Industrial Average spent much of Friday in negative territory on word from President Trump that no agreement had been made with China on reducing tariffs but turned positive at the close to add a bit to this week’s record high.
The Dow gained 6 points to close at 27,681, finishing the week 130 points higher. The Nasdaq Composite added 40 points to close the week at 8,475 and the S&P 500 collected nearly 8 points to close at 3,093.
Volume on the New York Stock Exchange totaled 2.8 billion shares with 1,504 issues advancing, 104 setting new highs, and 1,477 declining, 44 setting new lows.
Trump said no agreement had been reached with China on reducing tariffs, casting doubt on whether a trade deal was in the offing. Trump had planned to sign a deal with Chinese President Xi Jinping at the now-canceled Asia-Pacific Economic Cooperation summit in Chile next week but negotiations are dragging on and a new site for the signing has yet to be chosen.
Trump said China is more eager than he is for a deal and, in any case, eliminating all tariffs is not on the table.
Elsewhere, 96 more Sears (SHLDQ) and Kmart stores will be closed, reducing the number of locations nationwide to 182 from nearly 2,000 five years ago. The once-ubiquitous chain has been felled by online giants and the likes of Walmart.
Saudi Arabia’s sovereign wealth fund has invested $400 million in Travis Kalanick’s Cloud Kitchens, the Wall Street Journal reported. CloudKitchens builds “ghost” kitchens it rents to restaurants that want to take advantage of the boom in food delivery services. The kitchens also run their own delivery-only restaurants.
On the earnings front, Walt Disney Co. (DIS) reported a 52% revenue increase and 79% jump in operating income in its movie division in the quarter ending Sept. 28 but overall profit slumped by more than half to $1.05 billion on rising production costs.
Global markets were mostly lower.
In Asia, Hong Kong’s Hang Seng was off 0.7% and China’s Shanghai Composite gave up 0.49% while Japan’s Nikkei 225 was up 0.26%. Australia’s S&P/ASX was off 0.04%.
In Europe, London’s FTSE 100 closed off 0.63% while the German DAX lost 0.46% and the French CAC gave up 0.02%. The Stoxx Europe 600 was 0.27% lower.
On currency markets, the British pound was off 0.24% at $1.2884 while the euro was off 0.26% to $1.1021. The U.S. dollar index was up 0.23%.
Oil futures turned higher. Crude oil gained 0.47% to $57.42 a barrel and Brent crude was up 0.19% to $62.63. Gold futures lost 0.46% to $1,459.60 an ounce while silver gave up 1.38% to $16.77 an ounce.
Yield on the 10-year U.S. Treasury note rose to 1.942% while the yield on the 30-year note rose to 2.2421%.