Markets Right Now: Markets snap higher despite trade tiff

Exchange Group offices are seen in the City of London Britain

The market had already sold off in recent weeks ahead of Friday's expected ratcheting up of trade tensions between the USA and China, which launched dueling tariffs on billions of goods.

The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict. Investors also shrugged off concerns over an escalating trade war between the USA and China.

The Dow Jones Industrial Average climbed 99 points, or 0.4 percent, to 24,456.

The S&P 1500 steel index.SPCOMSTEEL has lost 7 percent since March 1, as investors worry that a slowdown in global demand could offset USA steelmakers' benefits from tariffs against their foreign competitors.

U.S. President Donald Trump has warned that the United States may ultimately target over $500 billion worth of Chinese goods, an amount that roughly matches its total imports from China past year. Investors are hoping that won't happen.

Mercedes F1 vehicle upgrade improved stability, say Bottas and Hamilton
With track temperatures significantly higher than during practice and qualifying in previous days, tire management became tricky. The German finished third to take a one-point lead going into the British GP at Silverstone next weekend.

The S&P 500 index rose 21 points, or 0.8 percent, to 2,758.

The Dow added 185.07 points, or 0.8 percent. The U.S. dollar index.DXY, which measures the greenback against a basket of currencies, has risen more than 4 percent since March 1.

Stocks closed broadly higher Friday, snapping two consecutive weekly declines for the market. Markets were watching to see if tight labor market conditions would force wages higher, a sign of inflation.

The S&P 500 index rose 5 points, or 0.2 percent, to 2,741. The Nasdaq composite climbed 33 points, or 0.5 percent, to 7,620.

Bond prices rose. The yield on the 10-year Treasury fell to 2.82 percent.

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