Wall Street steady as US, China announce trade deal

REUTERS: The S&P 500 and the Dow industrials ended little changed on Friday, hitting record highs in the session, as the United States and China announced an initial trade agreement, cooling tensions that have rattled markets.

"The risk of trade escalation has been averted for now, and that's a positive," said Sunitha Thomas, regional portfolio advisor at Northern Trust Wealth Management in Chicago. "We got confirmation today that two major risks that have been weighing on the market all year have been lifted, for now at least," Thomas said."The market is not up more because we have had some of the rally coming into it, and I think there is now a recognition that there needs to be policy follow-through on the negotiation of Brexit and also what really the details of this deal between China and the U.S. are," Thomas said.

Improving sentiment about trade tensions, interest rate cuts from the U.S. Federal Reserve and encouraging economic data have fueled records for the major U.S. stock indexes. The benchmark S&P 500 has gained 26per cent so far in 2019.In company news, Adobe Inc shares rose 3.9per cent after it beat Wall Street estimates for fourth-quarter revenue and profit.

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