The US markets ended mostly lower on Friday. However, the Dow Jones Industrial Average eked out an eighth-straight gain on Friday as Sino-American trade tensions eased and central banks support risk taking with economic stimulus measures. China's Ministry of Commerce revealed plans to exempt US agricultural products, including soybeans and pork, from additional tariffs. China will add the agricultural products to a list of 16 types of American-made products granted tariff exemptions as a sign of goodwill ahead of the next round of trade talks. The Commerce Ministry also said it welcomes President Donald Trump's move to temporarily delay raising the rate of tariffs on $250 billion worth of Chinese imports. Meanwhile, Trump said he would think about an interim deal with China but would prefer a full agreement as the world's two largest economies look to end the widening trade war.
On the economic data front, a report released by the Commerce Department showed business inventories in the US increased by more than expected in the month of July. The Commerce Department said business inventories climbed by 0.4 percent in July after coming in unchanged in June. Street had expected inventories to rise by 0.3 percent. Retail inventories showed a notable 0.8 percent increase after slipping by 0.2 percent in the previous month, while manufacturing and wholesale inventories both rose by 0.2 percent. Besides, with fuel prices pulling back sharply, the Labor Department released a report showing a slightly bigger than expected decrease in US import prices in the month of August. The report showed import prices fell by 0.5 percent in August after inching up by a downwardly revised 0.1 percent in July. Street had expected import prices to drop by 0.4 percent compared to the 0.2 percent uptick originally reported for the previous month.
Dow Jones Industrial Average added 37.07 points or 0.14 percent to 27219.52, while Nasdaq dropped 17.75 points or 0.22 percent to 8176.71 and S&P 500 down up by 2.18 points or 0.07 percent to 3007.39.
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