Wall Street's three-day relief rally fades amid trade uncertainty
CBSN
U.S. stocks whipsawed on Friday, signaling an end to a three-day rally that was driven by investor hopes of a de-escalation in the trade war.
The Dow Jones Industrial Average slipped 76 points, or 0.2%, to 40,017 in early afternoon trading, while the S&P 500 inched higher 24 points, or 0.4%, to 5,509. The Nasdaq Composite was up 0.9%, thanks to boost from a handful of Big Tech stocks.
Mr. Trump had adopted a softer tune on trade in recent days, allaying investors' concerns and helping trigger a three-day relief rally following a volatile trading day on Monday. Paul Ashworth, a chief North America economist at Capital Economics, said in a Friday research note that negative activity in the market played a "key role" in the president's decision reconsider his steep tariffs on imported Chinese goods, which currently total 145%.
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