Market optimism amid indications of progress in US-China trade talks helped global markets to a record high on Friday, but the dollar remained at its lowest levels in almost three years. The Nasdaq and benchmark S&P 500 index reached all-time highs, helped in part by increases in megacap growth firms like Amazon and Nvidia.
The Nasdaq and S&P 500 index are on track for a weekly gain and are up around 5% so far this year after a tumultuous first half of the year that was dominated by US President Donald Trump’s tariff announcement on April 2, which sent markets crashing. With a daily rise of 0.66%, the pan-European STOXX 600 index was poised for a weeklong gain.
According to James St. Aubin, chief investment officer of Ocean Park Asset Management in Santa Monica, California, “it’s a continuation of this monster rally since early April.” “It’s made quite an unlikely comeback and it keeps going, providing that the tariff controversy is not anymore a major issue in the psyche of the market.”
Amid efforts to settle the tariff battle between the two largest economies in the world, investors saw a trade deal between the United States and China on Thursday over how to speed up rare earth exports to the United States as encouraging. The deadline that Trump has set for the European Union and other nations to reach an agreement on lowering tariffs is July 9.
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