US stocks broke a four-week losing streak to end August on a positive note driven by hopes on US/China trade talks. The S&P 500 rose 2.8% and the Dow jumped 3.0% for the week. Abroad, Japan was flat and Europe gained 2.2% for the week. The 10-year Treasury yield edged down further ending the week at 1.50%. Gold rose to $1,519 a troy ounce up 6.5% for the month and moved above $1,500 for the first time in six years.
UK Prime Minister Johnson moved to extend Parliament’s break in a bid to reduce opposition from lawmakers stopping an abrupt exit from the EU.
Revised second-quarter GDP showed the US grew at a 2%, down from the previously estimated 2.1%.
Personal consumption expenditures, a measure of household spending, rose 0.6% in July over June.