The main U.S stock market news at the day's close:
S&P 500 (^GSPC): +1.27%, or 36.64 points
Dow (^DJI): +1.25%, or 326.15 points
Nasdaq (^IXIC): +1.48%, or 116.51 points
Earlier today, a spokesperson for China's Ministry of Commerce stated that China "firmly opposes escalation of the trade war" and is willing to move to a calm and cooperative resolution over the trade dispute.
The almost daily shifts in the U.S/China trade war have been the major source of market movement this month, with uncertain investors trying to predict how the long dispute will be resolved. Many investors have been turning away from companies that have large ties to China, which seems to be a safer investment no matter the outcome on September 1.
In GDP news, U.S second quarter GDP reports shows a 2.0% growth with personal consumption growing 4.7% , up from 4.3% of previous reporting and marking the highest reading since 2014. Consumption is 70% of domestic economic activity.
In commodity news, oil prices marked higher today as demand expectations increased. Analysts think energy use will increase in the coming months due to higher worldwide trade in response to the ongoing trade war.
In stock news, Best Buy
As for Friday's report, we will see more companies quarterly reports and further U.S. market responses to the trade war as the three-day Labor Day weekend begins.
