(CNBC) Stocks were little changed on Friday even after China and the U.S. agreed to a phase-one trade deal as investors took some money off the table following back-to-back gains and a giant rally in the market this year.
The trade deal will include a rollback of some of the China tariffs and halts additional levies set to take effect on Sunday. China agreed to significant purchases of U.S. agricultural products, but the amount is below what the White House was reportedly pushing to get. On the U.S. side, investors were hoping for more than just a partial rollback of some tariffs.
“What might be coming out of the market could be hopes for a little bit of a wider scope as it relates to the deal,” said Jeff Mills, chief investment officer at Bryn Mawr Trust. “Maybe some of that started to get priced in yesterday. But overall, the market is still viewing it as a positive and it probably should.”
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