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S&P, Dow rise after Trump comments on trade

By April Joyner

NEW YORK (Reuters) – The S&P 500 and Dow Industrials rose on Friday after President Donald Trump said the United States may not have to impose further tariffs on Chinese goods, but falling shares of Nvidia Corp (O:NVDA) dragged down the Nasdaq.

All three indexes had been lower in early trade as an underwhelming outlook from Nvidia weighed on the tech sector.

U.S. stocks moved higher after Trump said China seemed willing to make a deal on trade.

“The market is paying attention very closely to anything surrounding trade,” said Veronica Willis, investment strategy analyst at Wells Fargo (NYSE:WFC) Investment Institute in St. Louis. “(A trade deal) would boost expectations for global growth, which would ultimately be good for stocks.”

But lagging Nvidia shares kept the Nasdaq in negative territory.

Nvidia’s shares tumbled 18.8 percent after the chipmaker pointed to the decline in cryptocurrency mining as the cause of its declining sales. The chipmaker’s shares also weighed on the Philadelphia SE Semiconductor index (SOX), which declined 1.2 percent.

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