U.S. stocks rose Friday on thin volume before the holiday weekend, but the gains weren’t enough to compensate for a week of market turmoil stoked by trade tensions. Oil advanced, while 10-year Treasury yields edged higher and the dollar slipped.
The S&P 500 Index put in its third straight weekly decline as concerns mount that the trade dispute between the U.S. and China could cripple global growth, with disappointing American factory data Thursday hinting at the fragility of the expansion. The Dow Jones Industrial Average saw a fifth consecutive weekly drop, the longest such streak since 2011.
“We all know what the issues are: the slowing economic scenario — you had those weak reports on manufacturing orders, Germany is slowing and German consumer confidence is down. You can see it’s being reflected in flight-to-quality items,” said Donald Selkin, chief market strategist at Newbridge Securities Corp. “And of course there’s the trade issue. It doesn’t look to be anywhere near resolved.”