Wall Street swings to split finish ahead of tariffs

Traders work on the floor at the New York Stock Exchange in New York

Stocks climbed broadly on Wall Street in early trading Friday as the market extended a recent rally and closed in on a big weekly gain after four straight weeks of losses.

The Dow Jones Industrial Average edged up 6 points to 26,374.

The S&P index recorded 20 new 52-week highs and no new low, while the Nasdaq recorded 23 new highs and 12 new lows.

Analysts and investors said the gains were driven in part by optimism on the prospects for face-to-face talks in Washington next month among representatives of the world's two biggest economies.

Major U.S. stock indexes ended little changed Friday after a listless day of trading ahead of the Labor Day holiday weekend capped a solid week of gains for the market.

The Dow is up 3,075.82 points, or 13.2%.

Stocks have had a turbulent August amid renewed anxieties surrounding trade, with all three major indexes down at least 1.9% this month.

The monthslong trade war escalated earlier this month when China unveiled new levies on $75 billion worth of USA products.

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A sharp heightening of tensions this month after the USA and China slapped tariffs on each other's goods, caused panic across global markets and resulted in a key part of the US yield curve, a closely-followed recession indicator, inverting.

Trading turned volatile last month as investors anxious that an escalating trade war between the United States and China, as well as a slowing global economy, could tip the U.S. into a recession. The yield on the 10-year Treasury fell to 1.50% from 1.51% late Thursday.

Bond prices initially fell Friday, pushing yields higher, but then lost momentum. Shares of Estee Lauder Cos Inc EL.N , e.l.f. Beauty Inc ELF.N and Coty Inc COTY.N dropped between 0.5% and 1.3%.

The US and China had given hopeful signs on trade on Thursday as they discussed the next round of in-person negotiations in September. While a basket of upbeat comments reviving hopes of face-to-face trade talks despite tariffs on each other's product, a senior portfolio manager at Globalt Investment in Atlanta, Thomas Martin said, "It sounds to me like more of a continued slow-walking". USA gross domestic product - the broadest measure of the nation's output of goods and services - rose at a seasonally adjusted annual rate of 2% in the second quarter, compared with the previous estimate of a 2.1% rise. Meanwhile, shares of chip makers including Nvidia, Micron Technology and Applied Materials - which have been caught in the crosshairs of the trade battle - added at least 3% apiece.

Technology companies accounted for a big slice of Thursday's gains.

At the close in NYSE, the rose 0.16%, while the index gained 0.06%, and the index lost 0.13%.

The S&P 500 was up 0.4% as of 10:15 a.m.

The S&P 500 is up 417.73 points, or 16.7%.

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