Stocks finish flat for the day and week

|By:, SA News Editor

Stocks ended flat in a range-bound session, mostly shrugging off comments from Pres. Trump that he was ready to place tariffs on $500B worth of Chinese goods if necessary, as well as elaborating on his recent criticism of the Fed's rate hikes and reiterating his concern over a strengthening dollar.

But a bevy of strong earnings reports helped offset Trump's potentially upsetting comments, as Microsoft, Honeywell and Capital One all rallied on better than expected quarterly results.

Stocks were flat for the week too, as the Dow ended +0.2% but the S&P and Nasdaq finished virtually unchanged.

The consumer staples sector (+0.6%) was today's top performer, and financials (+0.2%) eked out a win, but eight of the 11 S&P sectors closed lower on the day, with real estate (-0.9%) and utilities (-0.8%) bringing up the rear.

U.S. Treasury prices fell, pushing the 10-year yield 5 bps higher to 2.90% and the two-year yield up a basis point to 2.60%, and some analysts saw the increased 2-10 spread as a sign that investors believe Trump's criticism of the Fed could slow down the pace of rate hikes.

U.S. WTI crude oil gained 1.4% to settle at $70.46/bbl after Saudi Arabia said it would not flood the market with crude in an effort to cap prices.

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