Trump, Beijing Reveal Phase-One Deal, Stocks Still Lower

Stocks declined on Friday even after China and the U.S. agreed to a phase-one trade deal as investors took some money off the table following back-to-back gains and a giant rally in the market this year.

The Dow Jones Industrials shrugged off previous gains and found itself in the red 57.73 points to by noon to 28,074.32

The S&P 500 stepped back 6.41 points from Thursday’s record close to 3,162.16.

The NASDAQ inched higher 1.29 points from Thursday’s all-time high to 8,718.61.

Stocks have been on a massive tear this year despite the lingering trade fears. Through Thursday’s close, the S&P 500 is up 26.4% for 2019. The Dow has rocketed 20.6%, while the NASDAQ has skyrocketed 31.4% this year.

The trade deal will include a rollback of some of the China tariffs and halts additional levies set to take effect on Sunday.

China agreed to significant purchases of U.S. agricultural products, but failed to give a specific amount, disappointing some investors who expected a firmer commitment. On the U.S. side, investors were hoping for more than just a partial rollback of some tariffs.

Prices for the 10-Year U.S. Treasury gained, sharply lowering yields to 1.82% from Thursday’s 1.90%. Treasury prices and yields move in opposite directions.

Oil prices added 60 cents to $59.78 U.S. a barrel.

Gold prices charged ahead $7.60 at $1,479.90 U.S. an ounce.

Trump, Beijing Reveal Phase-One Deal, Stocks Still Lower