The Dow crawled toward a moderate recovery on Friday after President Donald Trump granted tariff exemptions to more than 400 Chinese products, the latest in a growing list of concessions that Washington and Beijing have exchanged in the leadup to their next round of trade negotiations.
Dow Secures Minor Recovery
All of Wall Street’s major indices advanced at the opening bell. The Dow Jones Industrial Average rose 56.74 points or 0.21% to 27,151.53.
The S&P 500 ticked 6.93 points or 0.23% higher, raising the large-cap index to 3,013.72. All 11 sectors reported gains, with none rising more than 0.48%.
The Nasdaq underperformed, edging 11.24 points or 0.14% up to 8,194.12.
Trump Exempts 437 Chinese Products from Tariffs
With the September FOMC meeting now in the books, Wall Street has once more turned its attention to the US-China trade war, which had been uncharacteristically quiet in recent days.
Both Washington and Beijing have made goodwill gestures in the weeks leading up to the next round of trade talks, and the White House continued to deescalate tensions by exempting more than 400 Chinese goods from US tariffs.
Altogether, 437 products – ranging from plastic straws to Christmas lights to swimming pool vacuum cleaner components – will be temporarily exempted from a 25% tariff that Trump imposed on $250 billion worth of Chinese imports. The exemptions will expire in either August or September 2020.