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  3. US markets end mostly higher on Friday

US markets end mostly higher on Friday

23 Jun 2018 Evaluate

The US markets ended mostly higher on Friday as energy companies climbed after OPEC said it will produce more oil, but not as much as investors feared. Members of the Organization of the Petroleum Exporting Countries and other major producers struck a deal that would result in an effective rise in production of around 600,000 barrels a day, a figure that comes as a relief to bullish traders who feared a more aggressive increase. However gains remain capped with Markit releasing June data on both the manufacturing and services sectors. The read on manufacturing fell to 54.6 from 56.4, while the services gauge dipped to 56.5 from 56.8. Further, investors worried that trade tensions between the U.S. and major trading partners such as China and the European Union could develop into a big drag on the global economy. These concerns come as the U.S. economy, the world’s largest, is increasingly viewed as in the late stages of its expansion. The EU has said it would begin implementing tariffs on $3.2 billion in U.S. imports.

Besides, investors remain concerned after President Donald Trump threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union. He would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S.  He stated that 'Based on the Tariffs and Trade Barriers long placed on the U.S. and it great companies and workers by the European Union, if these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the U.S. Build them here'.

The Dow Jones Industrial Average surged 119.19 points or 0.49 percent to 24580.89, the S&P 500 added 5.12 points or 0.19 percent to 2754.88., while the Nasdaq dropped by 20.14 points or 0.26 percent to 7692.82.

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