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Stocks closed mostly higher on Friday, while the Dow, Nasdaq, and Russell 2000 Index extended their winning streak to 7 weeks in a row!
Shares were down for most of the day, but turned around by day's end.
Trade concerns weighed on stocks on Thursday, and for much of the day on Friday, on reports that President Trump and President Xi won't be meeting face to face before the March 1st trade deadline.
Several weeks ago, when it was reported that plans were being made for both leaders to meet before the deadline, traders cheered the news since the belief was that they would only be meeting if they could emerge victorious with an official deal. The apparent cancellation of those meeting plans caused people to wonder if the talks were not going as well as had been hoped.
But a U.S. trade delegation, led by Steve Mnuchin and Robert Lighthizer, arrives in Beijing today for a continuation of high level trade talks. And both the U.S. and China insist the talks are going well and have been very productive.
Of course, everybody will be listening for any news regarding this week's meeting.
But as I wrote before, there will be both positive and negative news stories regarding the trade talks as we approach the deadline. So try not to get caught up in the noise.
For now, the market still remains optimistic that an agreement will be reached.
And I'm still expecting double-digit gains this year with a breakout to new all-time highs.
See you tomorrow,
Executive Vice President, Zacks Investment Research
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