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Stocks rebound on relief at Trump's response to China over Hong Kong

Added 05-29-20 05:03:01pm EST - “A gauge of global equities rebounded and crude oil rose on Friday after U.S. President Donald Trump ordered an end to Washington's special treatment of Hong Kong, a move investors welcomed as unlikely to jeopardize a trade accord…” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Stocks rebound on relief at Trump's response to China over Hong Kong”. Below is an excerpt from the article.

NEW YORK (Reuters) - A gauge of global equities rebounded and crude oil rose on Friday after U.S. President Donald Trump ordered an end to Washington’s special treatment of Hong Kong, a move investors welcomed as unlikely to jeopardize a trade accord with China.

Trump said China broke its word over Hong Kong’s autonomy but did not mention any action that would undermine the Phase 1 trade deal that Washington and Beijing signed this year.

China’s parliament on Thursday passed new national security legislation for the city, casting doubt on its freedoms and its future as a finance hub.

U.S. stocks pared losses after Trump’s remarks and oil gained on hopes the dispute will not curb the economy’s nascent recovery from the coronavirus pandemic.

The Dow Jones Industrial Average .DJI fell 17.53 points, or 0.07%, to 25,383.11, the S&P 500 .SPX gained 14.58 points, or 0.48%, to 3,044.31 and the Nasdaq Composite .IXIC added 120.88 points, or 1.29%, to 9,489.87.[.N]

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