Stocks stage late rally to close up – The Boston Globe

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Stocks posted a late rally Friday to close mostly higher for a fifth consecutive day, led by gains in the financial and energy sectors. The dollar strengthened after US 10-year note yields briefly climbed past 3 percent. The S&P 500 and Dow finished just in the green after slumping midday, when Bloomberg News reported that President Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products. Financial markets were whipsawed last week by conflicting reports on the status of trade relations between the world’s two largest economies. The Nasdaq closer lower, though up for the week. ‘‘When the headlines hit, the knee-jerk reaction in the market is to either sell off or gain immediately,’’ Quincy Krosby, chief market strategist at Prudential Financial Inc., said by phone. ‘‘The president has had a couple of tweets suggesting he’s in no hurry to craft an agreement, but despite this, talks are apparently going to resume. And the question will be whether or not that leads to more negotiations.’’ The push for additional tariffs is despite the US Treasury secretary’s attempt to restart talks with Beijing to resolve the trade war, according to four people familiar with the matter. Stocks also finished higher in Europe and Asia amid optimism for US-China trade talks and action by Turkey and Russia to support their currencies that helped foster a positive mood. Oil posted its third straight weekly advance as traders keep watch on Hurricane Florence. From cooling US inflation to central-bank meetings in Europe, Britain, Turkey, and Russia, it was a busy week for investors. American retail sales figures for August showed households took a breather from spending, though the data was still indicative of a strong job market and more after-tax pay.

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