Market Roundup: Mixed Week as Dow Hits an All-Time High

Published: Sept. 24, 2018, 8:57 p.m.

The week began with U.S. Equities developing weakness as signs that the U.S. trade fight with China was set to escalate. This capped stock gains and sent the dollar lower. The Trump administration announced it was planning to unveil new tariffs on $200 billion in Chinese goods. Chinese officials have said they could pull out of trade talks if President Trump carries out his plans. The Dow Jones Industrial Average fell 0.4% while the S+P 500 Index was down 0.6%, and the NASDAQ Composite dropped 1.4%. Losses in Technology, Consumer Discretionary and Healthcare sectors weighed on the day. Indices landed in the green zone on Tuesday, with Industrials, Technology and Energy sector stocks leading the advance. In the ongoing trade war with China, the U.S. will levy 10% tariffs on $200 billion worth of China-made goods, with tariffs jumping to 25% by the end of the year. In reaction, China aid it would impose $60 billion of tariffs on U.S. goods. Indices closed with mixed moves on Wednesday. Financials led advancers on the Dow while Technology traded lower on the NASDAQ. The Dow and S+P 500 closed at new record levels on Thursday. This marks the first new high for the Dow since January, while the S+P bested its August top. Department of Labor data showed initial jobless claims fell by 3,000 to 201,000 in the week ended September 15. Indices closed the week mixed on Friday with the Dow hitting an all-time high. Both the S+P 500 and NASDAQ shed some points, though stocks continue to make progress, as traders remain upbeat about the U.S. economy.