The S&P 500 rose modestly and was within striking distance of a new all-time high while the Dow gained more than 40 points and is inching closer to a record as well. The tech-heavy Nasdaq fell slightly.
It’s been a stellar week for stocks, thanks to the US and China extending olive branches to one another.
Earlier this week, China agreed to exempt shrimp, cancer drugs, pesticides and more than a dozen other products from tariffs.
In economic news, the latest retail sales figures from the US government showed that consumer spending remains relatively healthy. Total retail sales were up 4.1% in the past 12 months.
The Fed is also expected to signal that several more rate cuts are possible later this year and in 2020, partly due to the effect of the trade war but also because rates in other parts of the world remain much lower than they are in the US. Rates are even negative in Europe and Japan.