United States stock indexes end mixed to close out a volatile month

Traders work on the floor at the New York Stock Exchange in New York

United States stock indexes end mixed to close out a volatile month

USA stocks opened sharply higher on August 29, as China sounded hopeful of a resolution to the long-standing trade dispute with the United States, allaying investor worries of the risk of a recession.

The Dow Jones Industrial Average rose 41.03 points, or 0.16 per cent, to 26,403.28 on Friday, the S&P 500 gained 1.88 points, or 0.06 per cent, to 2926.46 and the Nasdaq Composite dropped 10.51 points, or 0.13 per cent, to 7962.88. S&P 500 e-minis EScv1 were up 17 points, or 0.58% and Nasdaq 100 e-minis NQcv1 were up 45.75 points, or 0.59%. The Nasdaq Composite Index dropped 31.43 points, or 0.39 per cent, to 7,941.96, Xinhua news agency reported.

Campbell Soup gained 3.9% after reporting quarterly profits that beat analysts' forecasts.

US markets will be closed Monday for Labor Day.

The Dow added 774.38 points, or 3%.

Stocks closing broadly higher on Wall Street Thursday on renewed hopes that new talks set for September can result in progress in resolving the U.S.

The S&P 500 rose 15 points, or 0.5%, to 2,939.

Washington and Beijing are deadlocked in talks over USA complaints about China's trade surplus and industry plans, which its trading partners say are based on stealing or pressuring companies to hand over technology.

Investors will also keep a close watch on the monthly jobs report and manufacturing data next week for clues on the health of the USA economy.

Last week, the trade conflict escalated again with both sides threatening new tariffs on each other's goods, triggering a sharp sell-off in global markets.

Markets are also bracing for a new round of US tariffs on some Chinese goods to come into effect on Sunday and the technology sector.SPLRCT was the biggest weight on the S&P with a 0.3% loss.

The Trump administration on Wednesday made official its additional 5 per cent tariff on $300 billion in Chinese imports and set collection dates of September 1 and December 15, prompting several hundreds of United States companies to warn of price hikes. "If you're a trader and have pretty good profits, it would be a good time to take some off the table".

Besides, a Chinese Commerce Ministry Spokesman, Gao Feng, had also been quoted saying on Thursday (August 29th) that the United States must lift an additional 5 per cent tariff hike imposed last Friday (August 23rd) shortly after China had hiked tariff on $75 billion worth of USA exports.

A number of companies, including Best Buy Co Inc and Abercrombie & Fitch Co, that reported results earlier in the day warned of the impact from tariffs on their sales. -China trade tensions, and Wall Street digested the latest data on consumer spending.

The benchmark S&P 500 .SPX index has fallen 3.4% from its record high hit in late July. The S&P retail index climbed 1.67 per cent. Intel rose 1.5% and Citigroup added 1%.

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