Wall Street inched higher on Friday as the fallout from the impeachment inquiry into President Donald Trump was somewhat offset by hopes of progress in trade talks between the U.S. and China and by a drop in oil prices.
“We hope both sides can take more enthusiastic measures, reduce pessimistic language and actions,” China’s foreign minister Wang Yi said on the sidelines of the UN General Assembly. “If everyone does this, talks will not only resume, but will proceed and yield results.”
A new round of talks is due to start on Oct. 10.
Markets have been volatile on developments regarding the impeachment inquiry into Trump by the House of Representatives earlier this week, while consumer spending data in August suggested the economy is slowing slightly after a strong acceleration in the second quarter.
“Investors are generally ignoring a plethora of risks…” said Peter Cecchini, chief market strategist at Cantor Fitzgerald in New York. “One of the reasons they are willing to do that is foreign investors need a place to go and on a relative basis the United States is still sort of the best house in a bad global neighborhood.”/investing