$DIA, $SPY, $QQQ, $VXX
White House economic adviser Larry Kudlow rejects the notion that the world is in a trade war, pointing out that China is the reason for escalating tensions.
“China is the problem. President Trump is the solution,” Mr. Kudlow said in a TV interview Friday.
“This is the 1st President in 20 years to have the backbone to go in and challenge China on the kind of unfair and illegal trading practices that they have adopted for the past several decades,” Mr. Kudlow said.
Friday, China warned it is prepared to respond with a “fierce counter strike” of fresh trade measures if the United States follows through on President Donald Trump’s threat to slap tariffs on an additional $100-B in Chinese goods.
In light of what he called China’s “unfair retaliation” against earlier US trade actions, President Trump upped the game Thursday by ordering US officials to identify extra tariffs, escalating a tit-for-tat confrontation with potentially damaging consequences for the world’s 2 biggest economies.
President Trump defended his proposed tariffs, saying the move might cause “a little pain” but the United States will be better off in the long run.
Asked in a radio interview Friday about the effect on US stock markets, Pesident Trump said the market has gone up since he took office “so we might lose a little bit of it.”
Strong: Consumer Staples, Real Estate, Utilities
Weak: Financials, Materials, Technology, Industrials, Healthcare, Energy, Consumer Discretionary
Friday, the major US stock market indexes finished at: DJIA -572.46 at 23932.76, NAS Comp -161.44 at 6915.11, S&P 500 -58.37 at 2604.47
Volume: Trade on the NYSE came in at 880-M/shares exchanged
- NAS Comp +0.2% YTD
- Russell 2000 -1.4% YTD
- S&P 500 -2.6% YTD
- DJIA -3.2% YTD
HeffX-LTN’s Market Indexes Technical Analysis
Have a terrific weekend