1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies
JulieYoung789
Julie Young
Articles (1179) 

US Market Indexes Close Higher Friday After US Increases Taxes for China

S&P 500 up 14.9% for the year with a loss of 0.9% for the week

May 10, 2019 | About:

The Dow Jones Industrial Average closed at 25,942.37 on Friday with a gain of 114.01 points or 0.44%. The S&P 500 closed at 2,881.40 for a gain of 10.68 points or 0.37%. The Nasdaq Composite closed at 7,916.94 for a gain of 6.35 points or 0.08%. The VIX Volatility Index was lower at 16.04 for a loss of 3.06 points or -16.02%.

For the week, the Dow Jones was down 0.7%, the S&P 500 was down 0.9% and the Nasdaq reported a loss of 1.3%. For the year, the Nasdaq has a gain of 19.3%, the S&P 500 has a gain of 14.9% and the Dow Jones is up 10.7%.

Friday’s market movers

An announcement on new taxes for China shortly after midnight on Friday eased some uncertainty surrounding China trade. U.S. stocks closed higher and the day’s gains helped the S&P 500 to end the week down just less than 1%.

The U.S. will now impose a 25% tariff on $200 billion worth of Chinese goods previously taxed at a rate of 10%. The U.S. is also threatening to tax nearly everything that is imported to the country from China. China is expected to retaliate, but has not yet made any announcements. Currently, China has a 25% tax on $50 billion worth of U.S. goods and a 5% to 10% tax on an additional $60 billion worth of goods. The U.S.’s new tariff announcement now brings the total amount of Chinese goods taxed at the 25% rate to approximately $250 billion.

In other news on Friday, Uber (NYSE:UBER) began trading publicly. The stock was initially offered at $45 per share. It reported a loss of 7.62% for the day, closing at $41.57.

Economic reports affecting market trading included the following:

  • The Consumer Price Index increased 0.3% in April and 2% year over year.
  • The Core Consumer Price Index increased 0.1% in April and 2.1% year over year.
  • The Baker Hughes North American oil rig count was unchanged at 1,051.
  • The Treasury’s April Monthly Budget Statement reported a surplus of $160 billion.

In the Dow Jones Industrial Average, the following stocks led gains for the day:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,572.99 for a gain of 2.94 points or 0.19%. The S&P 600 closed at 964.29 for a gain of 1.88 points or 0.20%. The Dow Jones Small-Cap Growth TSM Index closed at 9,985.72 for a gain of 4.72 points or 0.05%. The Dow Jones Small-Cap Value TSM Index closed at 9,696.05 for a gain of 27.90 points or 0.29%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,933.43 for a gain of 5.69 points or 0.30%; the S&P 100 at 1,275.10 for a gain of 3.88 points or 0.31%; the Russell 3000 at 1,699.78 for a gain of 5.90 points or 0.35%; the Russell 1000 at 1,597.05 for a gain of 5.74 points or 0.36%; the Wilshire 5000 at 29,670.90 for a gain of 99.48 points or 0.34%; and the Dow Jones U.S. Select Dividend Index at 706.83 for a gain of 5.29 points or 0.75%.

Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.

About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

Rating: 0.0/5 (0 votes)

Comments

Please leave your comment:


Performances of the stocks mentioned by Julie Young


User Generated Screeners


pjmason14Momentum
pascal.van.garsseHigh FCF-M2
kosalmmuse6
kosalmmuseBest one1
DBrizanall 2019Feb26
kosalmmuseBest one
DBrizanall 2019Feb25
kosalmmuseNice
kosalmmusehan
MsDale*52-Week Low
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat

{{numOfNotice}}
FEEDBACK