Stocks recovered from earlier losses on Friday after President Trump signaled no changes to the trade deal with China. Here's how the major averages performed: - The Dow fell 17 points. - The S&P 500 rose .48% - The Nasdaq gained 1.29%.
. However, he did not indicate the U.S. would pull out of the phase one trade agreement reached with China earlier this year, easing trader concerns for the time being.
The iShares PHLX Semiconductor ETF jumped to its session high following the news conference, trading more than 2% higher. Marvell Technologies and Lam Research were among the biggest gainers in the ETF, rising 6.7%^ and 2.9%, respectively. Nvidia and Micron Technology also advanced more than 2% each.
White House economic advisor Larry Kudlow said Friday that people in Hong Kong are "furious," adding: "the U.S. government is ... I'll use the word furious at what China has done in recent days, weeks and months. They have not behaved well and they have lost the trust, I think, of the whole Western world.
The major averages were headed for strong weekly gains. The Dow and S&P 500 are up more than 2.8% each week to date while the Nasdaq has advanced 1.3%. That weekly advance comes as traders increase bets on a successful reopening of the economy.
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