You are using an older browser version. Please use a supported version for the best MSN experience.

Stocks close little changed after Trump hints at China tariffs

CNBC logo CNBC 9/14/2018 Fred Imbert and Alexandra Gibbs

Stocks erased morning gains to close little changed Friday after President Donald Trump reportedly said he wants to move forward with tariffs on $200 billion in Chinese goods.

The S&P 500 rose a fraction of a point to eke out a fifth straight day of gains, as well as a solid weekly gain. Entering Friday's session, the broad index was up 1.1 percent for the week. Investors have been cheering the possibility of renewed trade talks with China and a rebound in tech shares. 

The Dow rose 8 points, while the Nasdaq ended just below the flatline. 

"The biggest driver this week is the optimism around renewed trade talks with China," said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. "Trade has been the only thing holding this market back." 

Sources familiar with these negotiations told CNBC on Wednesday that the States was in the early stages of proposing a new round of trade talks with China in the near future. 

This comes after a week of turmoil between the two nations, which saw China looking to seek permission from the World Trade Organization to inflict sanctions upon the U.S., and President Donald Trump stating last week that he was "ready to go" on hitting China with an additional amount of tariffs. 

Shares of Boeing and Caterpillar, considered bellwethers for global trade, were up this week. 

Jeff Saut, chief investment strategist at Raymond James, said in a note the renewed optimism around trade signals an opportunity to invest in Chinese shares. "If there is progress on trade in the coming weeks, that should help at least partially take the anchor off Chinese stocks and improve the terrible sentiment that still exists among investors," he said.


More from CNBC

image beaconimage beaconimage beacon