U.S. Stocks rose slightly higher but did not post expected change after the U.S. and China announced their agreement to a phase-one trade deal. This new deal is reported to include a rollback on some Chinese tariffs and a cancellation of the additional ones that were set to start on December 15. China has also agreed to purchase a significant amount of U.S. agricultural products, although it is below the desired amount from the White House. Officials from China state that the feuding sides have only reached an agreement on the text of the phase one trade deal. Now both side need to enact the legal steps and set a time to sign the deal.
Here's how the stock market closed out for the week:
S&P 500 Index (NYSE: SPY): +0.01% or +0.23 points
Dow Jones Industrial Average (NYSE: DIA): +0.01% or +3.33 points
Nasdaq Composite Index (NYSE: QQQ): +0.2% or +17.56 points
President Donald Trump tweeted on the manner writing: "The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder...The Penalty Tariffs set for December 15th will not be charged because of the fact we made the deal. We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election."
In U.K. Election News, the results of the British general elections overnight showed a historic victory for Prime Minister Boris Johnson's Conservative party. This vote suggests that Johnson will be able to pass a Brexit deal more easily than in the past, a deal he plans to deliver before February 2020.
In U.S. Economic News, retail sales are posting sluggish gains for the holiday season, with sales only increasing 0.2% in November, a decline from October's 0.4%. The result was led by a 1.1% monthly decline in sales at health and personal care stores, as well as a 0.6% drop in sales from apparel retailers.
In U.S. Sector News, sector gains remained mixed at the week's conclusion. The half that recorded gains Friday include Utilities +0.84%, Information Technology +0.64%, Consumer Staples +0.33%, Real Estate +0.18% and Consumer Discretionary +0.04%. The others that posted share loses include Energy -0.91%, Materials -0.81%, Financials -0.47%, Communication Services -0.32%, Industrials -0.28% and Health Care -0.11%.
Finally, in Commodity and Currency News, the oil industry posted great news of U.S. oil rig numbers increasing for the first time in weeks. Oil prices also posted share gains amid positive trade news. West Texas Intermediate saw an increase of +0.95% and Brent Crude's barrel prices climbed just over +0.70%. Gold prices skyrocketed today, with price per ounce soaring over +4%. Lastly, the U.S. Dollar also shared in the recent gains, with the DXY Index increasing almost +0.50%.