After early stumble, indexes end higher
NEW YORK » The stock market shook off a bumpy start and ended modestly higher Friday, led by gains in consumer products companies like Monster Beverage and Procter & Gamble. Health care companies also rose. Energy companies slipped along with the price of oil.
Trading has been muted ahead of the Group of Seven summit in Quebec, which began Friday. The meeting is expected to be tense as other leaders confront President Donald Trump over his protectionist trade policies.
Consumer products companies, which have been out of favor the last few months, rose for the second day in a row. Overall, major indexes were mostly higher after posting small losses the day before.
The G-7 meeting was set to be unusually contentious, as leaders of France and Canada in particular have expressed in tough terms their disapproval of the tariffs President Donald Trump recently imposed on steel and aluminum imports. Trump is expected to leave the summit on Saturday before it officially concludes as he heads to Singapore ahead of his meeting with North Korean leader Kim Jong Un.
Trade tensions have been rattling markets for the last three months, and the G-7 summit isn’t expected to deliver much relief. That said, there could be a silver lining to the ongoing talks between the U.S. and its trading partners over the highly unpopular U.S. tariffs, according to Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute.
“The end result probably is going to be lower tariffs across the board,” Wren said. Wren said that ultimately a large number of older tariffs that are currently levied on U.S. imports and exports could be reduced or eliminated.
The S&P 500 index added 8.66 points, or 0.3 percent, to 2,779.03. The Dow Jones industrial average rose 75.12 points, or 0.3 percent, to 25,316.53. The Nasdaq composite gained 10.44 points, or 0.1 percent, to 7,645.51.
The Russell 2000 index of smaller-company stocks rose 4.72 points, or 0.3 percent, to 1,672.49.