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* Trump says trade deal "potentially very close"
* China's Xi says wants to work out an agreement
* Nordstrom jumps on 2019 forecast raise
* Tesla drops after unveiling electric pickup truck
* Indexes: Dow up 0.22%, S&P up 0.05%, Nasdaq off 0.12%
(Changes comment, updates to open)
By Arjun Panchadar
Nov 22 (Reuters) - The S&P 500 and Dow Jones indexes eked
out gains on Friday after President Donald Trump signalled an
imminent trade deal with China, while the Nasdaq was weighed
down by a slump in shares of Tesla after the launch of its
electric pickup truck.
Trump told Fox News that a trade deal with China was
"potentially very close", adding to optimism from remarks by
President Xi Jinping that Beijing wanted to work out an initial
agreement. Reports earlier in the week had indicated that a
truce could be delayed to 2020. "The positive tone right now is because people have resigned
themselves to the fact that they are not going to see a big deal
anytime soon, as there are lot of little issues that are going
to persist," said Jeanette Garretty, managing director &
principal at Robertson Stephens Wealth Management.
Global shares have retreated from near-two year highs scaled
in recent weeks on hopes of a resolution to the trade war that
has dented business sentiment, curtailed investment and hurt
economic growth. MKTS/GLOB
A report on Friday said a hedge fund founded by billionaire
Ray Dalio has bet more than $1 billion that stock markets around
the world will fall by March. The benchmark S&P 500 index remained on course to end the
week with its first decline in seven, while the Nasdaq is eyeing
its first weekly drop in eight. A largely better-than-expected
corporate earnings season also contributed to the recent rally.
Latest economic data underscored a resilient domestic
economy, with U.S. manufacturing output accelerating in November
to its fastest pace in seven months and services activity
picking up more than expected. Six of the 11 major S&P 500 sectors were trading higher, led
by financials .SPSY .
At 10:44 a.m. ET the Dow Jones Industrial Average .DJI was
up 60.07 points, or 0.22%, at 27,826.36, while the S&P 500
.SPX was up 1.59 points, or 0.05%, at 3,105.13.
The Nasdaq Composite .IXIC was down 10.08 points, or
0.12%, at 8,496.13, dragged by a 7% slump in shares of Tesla Inc
TSLA.O as its electric pickup truck design received an
underwhelming response. Among other stocks, Nordstrom Inc JWN.N jumped 8.8% after
the retailer raised its 2019 forecast and reported third-quarter
profit above expectations. Advancing issues outnumbered decliners by a 1.46-to-1 ratio
on the NYSE and by a 1.17-to-1 ratio on the Nasdaq.
The S&P index recorded 13 new 52-week highs and two new
lows, while the Nasdaq recorded 35 new highs and 43 new lows.