New Zealand Markets closed

Wall Street ends near flat after U.S., China deal

Stocks on Wall Street ended the day near the flat line on Friday after the U.S. and China confirmed they finalized a partial trade deal originally announced in October.

Markets were whipsawed after the deal was revealed but then steadied...

as investors attempted to assess the terms - described by Trump and Chinese officials separately.

Robert Brusca, the chief economist at Fact and Opinion Economics, says questions surrounding the details kept markets in check.

(SOUNDBITE) (English) FAO ECONOMICS, CHIEF ECONOMIST, ROBERT BRUSCA, SAYING:"What I think this is telling you is people expected they were going to get rid of the December 15 tariffs. This is what markets expected, this deal isn't really news. People expected to get a deal like this. And of course there is the question of the details. Nobody's quite sure how much Trump got, how much China got. No one knows what's really there because the details aren't public."

Utilities and tech were the S&P's biggest winners, while energy and materials struggled. Meanwhile, Adobe shares jumped after the creative software company blew past Wall Street expectations, saying quarterly revenue climbed o​ver 20 percent.