US STOCKS-S&P 500 up slightly in choppy action as Trump gives China announcement

Reuters

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    * Indexes: Dow up 0.1%, S&P up 0.4%, Nasdaq up 0.9%

 (Updates to after Trump announcement)
    By Caroline Valetkevitch
    May 29 (Reuters) - The S&P 500 was slightly higher on Friday
in choppy action as investors absorbed U.S. President Donald
Trump's comments on China.
    Stocks initially extended losses after Trump said China
broke its word on ensuring the autonomy of Hong Kong and said
the United States is terminating its relationship with the World
Health Organization.
    Increased tensions between the United States and China are
taking some shine off the market as it was about to wrap up
another month of strong gains.
     China-U.S. relations are "definitely a concern for
investors. What keeps them from being too worried is that it's
an election year," said Rick Meckler, partner in Cherry Lane
Investments, a family investment office in New Vernon, New
Jersey.    
    The Dow Jones Industrial Average  .DJI  rose 33.72 points,
or 0.13%, to 25,434.36, the S&P 500  .SPX  gained 10.86 points,
or 0.36%, to 3,040.59, and the Nasdaq Composite  .IXIC  added
83.08 points, or 0.89%, to 9,452.07.
    Trump had warned of a tough response to China's move, and
the S&P 500 opened weaker on Friday amid the concerns over
U.S.-China tensions.  L4N2DB0H6  urn:newsml:reuters.com:*:nL1N2DB0U2
    Despite worsening relations between the world's two largest
economies, expectations of a quick economic recovery from the
coronavirus pandemic have driven the S&P 500  .SPX  up more than
30% from its March lows.

 (Reporting by Caroline Valetkevitch in New York; Additional
reporting by Medha Singh and Devik Jain in Bengaluru; Editing by
Leslie Adler)
 ((caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393;
Reuters Messaging:
caroline.valetkevitch.thomsonreuters.com@reuters.net))

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