ASX set to edge up, Wall Street hits records; Trump says he has buyer for TikTok
US stocks closed at an all-time high, another milestone in the market's remarkable recovery from a plunge caused by fears that the Trump administration's trade policies could harm the economy.
The S&P 500 rose 0.5 per cent, finishing above its previous record set in February. The key measure of Wall Street's health fell nearly 20 per cent from February 19 through April 8.
The market's complete turnaround from its deep swoon happened in about half the time that it normally takes, said Sam Stovall, chief investment strategist at CFRA.
'Investors will breathe a sigh of relief,' he said.
The Nasdaq composite gained 0.5 per cent and set its own all-time high. The Dow Jones rose 1 per cent.
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The Australian sharemarket is set to inch up, with futures on Saturday pointing to a rise of 5 points, or 0.1 per cent, at the open. The Australian dollar is steady. It was fetching 65.28 US cents at 5.16am AEST.
President Donald Trump's decision Friday to halt trade talks with Canada threatened to derail Wall Street's run to a record, but the market steadied after the S&P 500 briefly turned negative.
The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2 per cent for the biggest gain in the market, despite warning of a steep hit from tariffs.
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