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US stocks erase losses, finish higher after Trump refrains from China sanctions

US stocks erase losses, finish higher after Trump refrains from China sanctions
Xinhua/Wang Ying/ Getty Images



US stocks gained on Friday, reversing earlier losses after President Donald Trump's news conference on China.




Trump said he would begin taking steps to revoke Hong Kong's preferential treatment, but stopped short of imposing sanctions on China.




US consumer spending in April also posted the biggest drop on record as the personal savings rate jumped to a record 33% from 12.7%.




Oil pared rose on Friday, capping off its best month ever on a percentage return basis.




Read more on Business Insider.




US stocks rallied Friday, reversing earlier losses, after President Donald Trump's press conference on China offered fewer fireworks than expected.
During the anxiously awaited address, Trump said that he would begin taking steps to revoke Hong Kong's special treatment. Still, he did not institute sanctions on China or indicate that the US would pull out of the phase-one trade deal the countries reached earlier in the year.
Here's where US indexes stood at the 4 p.m. ET market close on Friday:
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