The US markets ended mostly higher on Friday with marginal gains as uncertainty about trade contributed to the lackluster performance on Wall Street as the US and Canada approach a September 30 deadline to reach an agreement for Canada to join a trade deal struck between the US and Mexico. US Trade Representative Robert Lighthizer recently said the U.S. is prepared to move ahead with the deal replacing the North American Free Trade Agreement without Canada. Traders also eyeing developments overseas after the new Italian government offered a budget with a deficit target three times larger than the previous administration’s goal.
On the economic front, the Commerce Department’s report showed that personal income rose by slightly less than expected in the month of August, while personal spending increased in line with street estimates. The report said personal income climbed by 0.3% in August, matching the increase seen in July. Street had expected income to rise by 0.4%. Meanwhile, the Commerce Department said personal spending rose by 0.3% in August after climbing by 0.4% in the previous month. Spending had been expected to increase by 0.3%. Besides, a separate report from the University of Michigan showed consumer sentiment improved by slightly less than initially estimated in the month of September. The report said the consumer sentiment index for September was downwardly revised to 100.1 from the preliminary reading of 100.8. Street had expected the index to be unrevised. Despite the downward revision, the final reading for September still reflects a notable increase from the final August reading of 96.2.
Dow Jones Industrial Average gained 18.38 points or 0.07 percent to 26,458.31 and Nasdaq advanced 4.39 points or 0.05 percent to 8,046.35, while the S&P 500 was down by 0.02 points to 2,913.98.
