By Hilary Russ
NEW YORK, July 13 (Reuters) – The safe-haven U.S. dollar touched to a two-week high on Friday after data showed a record Chinese trade surplus, while Wall Street stocks were little changed on mixed bank earnings and gains in industrials.
Stocks in Europe edged higher. Gold slipped to seven-month lows on the firmer dollar and remarks Thursday from U.S. Treasury Secretary Steven Mnuchin, who said that the United States and China might reopen trade talks, briefly easing concerns about an escalating trade dispute between the two countries.
“Despite the ominous headlines about a trade war with China, we’re comfortable with U.S. equities at current prices amid favorable macro trends and surging earnings growth,” said Mike Bailey, Director of Research at FBB Capital Partners in Maryland.
The Dow Jones Industrial Average rose 86.11 points, or 0.35 percent, to 25,011, the S&P 500 gained 4.59 points, or 0.16 percent, to 2,802.88 and the Nasdaq Composite added 16.66 points, or 0.21 percent, to 7,840.57.
Mixed corporate results from the three big Wall Street banks put some of this week’s earnings optimism in check.
The greenback got a boost from data showing China’s trade surplus with the United States swelled to a record in June, which could further inflame a trade dispute with Washington.
Upbeat comments on the U.S. economy from Federal Reserve Chairman Jerome Powell also stoked demand for the dollar, analysts said.
Against a basket of major currencies, the dollar index rose 0.05 percent.
Earlier Friday the dollar touched its highest level since June 29.
Spot gold dropped 0.4 percent to $1,241.92 an ounce.
While China has vowed to retaliate against the proposed new U.S. tariffs –