Stocks opened lower and bounced around the breakeven line before optimism about U.S.-China relations and earnings from banks both big and small took hold among buyers during the last session of the trading week. Trade war and credit concerns ebbed, and a risk-on mood prevailed as a volatile five days ended on positive notes.
In an interview with Fox Business, President Donald Trump acknowledged that a maximum 157% tariffs on exports to the U.S. from China can't go on for long. "It's not sustainable, but that's what the number is," Trump said. "It's probably not, you know, it could stand. But they forced me to do that."
