Friday's Stock Market Close- Dow Pads Record Despite Trump Remarks On China Trade Deal

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.

AXA Equitable Holdings Inc. (EQH), General Electric Co. (GE) and Uber Technologies Inc. (UBER) led the most actives.

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.

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