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

Stocks were little changed on Friday after China and the U.S. agreed to a phase one trade deal as investors concluded a solid week of gains.

The Dow Jones Industrials endured a roller-coaster of a day, but ended up 3.33 points in the green, to end the session and the week 28,135.38

The S&P 500 eked ahead 0.23 points from Thursday’s record close to 3,168.80

The NASDAQ advanced 17.56 points from Thursday’s all-time high to 8,734.88. The NASDAQ got a lift from Apple, which rose 1% to a new record.

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 the amount is below what the White House was reportedly pushing to get.

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 62 cents to $59.80 U.S. a barrel.

Gold prices charged ahead $8.20 at $1,480.50 U.S. an ounce.