The market was surprisingly resilient Friday after the White House raised tariffs on Chinese imports.
 | FRI, MAY 10, 2019 | | | | DOW | | NAME | LAST | CHG | %CHG | | INTC | 46.20 | -0.42 | -0.90% | | AAPL | 197.18 | -2.77 | -1.39% | | MSFT | 127.13 | +1.63 | +1.30% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 27.96 | +0.75 | +2.76% | | GE | 10.13 | +0.09 | +0.90% | | BAC | 29.59 | -0.12 | -0.40% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 27.96 | +0.75 | +2.76% | | JD | 28.17 | +0.66 | +2.40% | | INTC | 46.20 | -0.42 | -0.90% | |
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The market was surprisingly resilient Friday after the White House raised tariffs on Chinese imports from 10% to 25%.
Estimates of the possible economic damage have varied. One report from Oxford Economics says that under the current arrangement, assuming China strikes back, the U.S. is likely to lose $62 billion in GDP by next year. That translates to about $500 per household. Under more extreme protectionist policies, the loss could rise to $800.  But all things considered, the selling Friday could have been far worse. The market is hanging on because investors still expect a deal, CNBC's Patti Domm reports. Analysts believe President Donald Trump won't watch idly if stocks — which he has touted as proof of successful policy — were in a meltdown.
Talks between Chinese and U.S. officials ended before noon Friday. But President Trump said in a tweet that those negotiations were "constructive" and would continue, adding that the relationship with President Xi remains strong. Stocks could contain losses as long as investors think the world's two largest economies are moving toward an agreement, not an escalating trade war. |
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