Wall Street climbs as trade fears ebb

S&P 500 Bears Make Way for Bulls

S&P 500 Bears Make Way for Bulls

Stocks ended the week the way they began it: tumbling as investors worry that tariffs and harsh words between the USA and China will touch off a trade war that derails the global economy. The Dow Jones Industrial Average was down 340 points at its lows, or 1.3%, but was most recently off 240 points, or 1%, at 24,434, while the S&P 500 index was off 0.9% at 2,686, with the health-care sector off 1.3% and the energy sector down 1.2% in early trade.

The stock futures implied the S&P 500 would not only open below its 200-day moving average, a key support level watched by technical analysts, but also challenge its 2018 low from February 9. -China trade tensions stoked investors worries. In the absence of new all-time highs, stock fans on bear watch should be waiting for the 21,293.37 level in the Dow and 2,298.30 in the S&P. But late Thursday, Trump ordered the U.S. Trade Representative to consider placing more tariffs on Chinese imports.

"The stock market is in a bit of a tug of war", says Allen Bond, portfolio manager of the Jensen Quality Growth Fund.

The S&P 500 fell 56 points, or 2.1 percent, to 2,607.

Chipmakers, many of which have the highest revenue exposure to China among S&P 500 companies, also fell. Still, Pride said all of the proposed tariffs add up to a pretty small fraction of trade between the US and China, and overall, they wouldn't affect the nation's economy that much if they do go into effect. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve's 2-percent target.

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As has been the case since the trade war fears surfaced, industrials were the worst hit.

The yield on the 10-year Treasury fell to 2.78 percent. Heating oil lost 2 cents to $1.96 a gallon.

The Toronto Stock Exchange's S&P/TSX composite index unofficially closed down 148.64 points, or 0.97 percent, at 15,207.41.

Also, the March non-farm payrolls report showed the USA adding 103K jobs, missing headline expectations by a wide margin. All components of the Philadelphia chipmakers index trading premarket were lower, led by AMD's 4 percent drop.

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