NEW YORK: Wall Street stocks finished higher on increased hopes of a resolution of the US-China trade impasse, while European stocks were pressured by worries over Turkey. US stocks, which were negative much of the morning, rallied following a midday Wall Street Journal report that Washington and Beijing were taking steps to try to resolve a trade dispute ahead of a November summit between US President Donald Trump and Chinese leader Xi Jinping. The S&P 500 finished up 0.3%. “Clearly the market rallied after that Wall Street Journal report,” said Karl Haeling of LBBW. “At the same time though, the market did not rally that much. The lack of details prevented a bigger rally,” he added. Meanwhile, a rebound in the Turkish lira was cut short by new threats by Ankara and Washington to impose more sanctions as the dispute over a jailed American pastor shows no sign of being resolved.
Published in The Express Tribune, August 19th, 2018.