Stocks Hit Record Even as Trade Concerns Linger: Markets Wrap
- Report says tariff rollback meets resistance; gold falls
- Treasury yields trimmed but sovereign bonds still struggle
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U.S. stocks sputtered late in the session Thursday but still managed to close at a record high as traders were whipsawed by conflicting headlines on the progress of trade talks with China.
Early reports that the U.S. and China were prepared to exchange tariff rollbacks pushed the the S&P 500 Index higher throughout the day, but the rally lost some steam after Reuters said the plan was meeting resistance in the White House. White House economic adviser Larry Kudlow later told Bloomberg, “If there’s a phase one trade deal, there are going to be tariff agreements and concessions.”