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Bang-up week on Wall Street ends with a nap



(Reuters) – Wall Street drove lower Friday when US Vice-President Mike Pence decided to postpone a speech on China policy boosted optimism about upcoming trade talks between Washington and Beijing, while tensions between the US and Iran undermine mood.

S & P 500 soon hit a record high.

Pence called off a planned China speech, originally cast as a sequel to a blistering broadside he delivered in October, a move to avert rising tensions with Beijing, a white house official said.

The reference S & P 500 index hit an intraday record of no more than 2,964.15, but then withdrew as the growing tensions between the US and Iran held investors on the edge.

Top for investors next week, US President Donald Trump and Chinese President Xi Jinping are expected to restart trade negotiations at the group's Japan Summit on 28-28. June.

"People will focus on what's happening at the G20 with President Trump and Xi," said Kurt Brunner, portfolio manager at the Swarthmore Group in Philadelphia. Any indication of progress from Trump after the meeting would be positive for Wall Street, he said.

Stocks signed a third straight week of gains after sending their worst monthly performance this year in fear of the protracted trade war would hit global economic growth.

On Friday, Trump said he interrupted a military strike on Iran in response to Tehran's downing of an American drone, but the possibility of US retaliation pushed crude prices higher and helped lift the energy sector by 0.82%. [O/R]

The Dow Jones Industrial Average declined 0.1

3% to 26.719.13 points, while S & P 500 lost 0.13% to 2.950.46. Nasdaq Composite fell 0.24% to 8.031.71.

The tech-heavy Nasdaq was balanced by a fall of 2.2% in PayPal Holdings Inc, after the digital payment company said its CEO Bill Ready would go down.

For the week, S & P 500 rose 2.20%, Dow added 2.41% and Nasdaq rose 3.02%.

On Friday's session, CarMax Inc rose by as much as 3.2% to a record high after the retailer used second-quarter results over analysts' expectations.

Carnival Corp fell for another day, down 4.4% and among the biggest decliners. Several brokers tuned their course targets after the cruise company cut the forecast for 2019.

FILE PHOTO: Traders works on the main trading floor after the opening call on the New York Stock Exchange (NYSE) in New York on June 20, 2019. REUTERS / Brendan McDermid / File Photo

Reflective "Quadruple Witches," As investors, interests in futures and options settle contracts before expiry, the volume of US stock exchanges hit 8.6 billion. Shares, compared to DKK 7.0 billion. Share average for the entire session over the last 20 trading days.

Falling problems exceed the progress of the NYSE with a 1.63 to 1 ratio; On Nasdaq, a 1.63-to-1 ratio preferred favored decliners.

S & P 500 wrote 48 new 52-week highs and 2 new lows; Nasdaq Composite registered 64 new highs and 65 new lows.

Reporting of Noel Randewich in San Francisco; Further reporting by Amy Caren Daniel and Shreyashi Sanyal in Bengaluru; Editing Alistair Bell

Our Standards: Thomson Reuters Trust Principles.

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