US stocks reached new all-time highs over the week on optimism about trade. The S&P 500 rose 0.8% and the Dow climbed 2.3% for the week. Internationally, Europe surged 1.7% and Japan jumped 3.4% for the week. The 10-year Treasury yield gained for the fourth straight week ending at 3.06%.
The Trump administration announced new 10% tariffs on $200 billion worth of Chinese goods that would take effect next week. With this new round combined with previous tariffs assed the administration would have tariffs on nearly half of the $500 billion in goods the US imports every year.
In response to the US’s tariff announcement China said it plans to new tariffs on $60 billion of US goods.
US home sales fell 1.5% in August for the sixth straight month of declines.
UK and EU negations are at an impasse on Brexit negotiations with 6 months until the deadline.
China pulled out of trade talks with the US that were planned for the coming days.
Tesla announced the Justice Dept. opened an investigation into the car maker after Elon Musk’s tweets about having financing secured to go private.
S&P 500 companies are expected to show a 19% increase in profits from a year earlier in the third quarter.