By Hilary Russ
NEW YORK (Reuters) - The safe-haven U.S. dollar touched to a two-week high on Friday after data showed a record Chinese trade surplus, while Wall Street stocks were little changed on mixed bank earnings and gains in industrials.
Stocks in Europe edged higher. Gold slipped to seven-month lows on the firmer dollar and remarks Thursday from U.S. Treasury Secretary Steven Mnuchin, who said that the United States and China might reopen trade talks, briefly easing concerns about an escalating trade dispute between the two countries.
"Despite the ominous headlines about a trade war with China, we're comfortable with U.S. equities at current prices amid favorable macro trends and surging earnings growth," said Mike Bailey, Director of Research at FBB Capital Partners in Maryland.
The Dow Jones Industrial Average rose 86.11 points, or 0.35 percent, to 25,011, the S&P 500 gained 4.59 points, or 0.16 percent, to 2,802.88 and the Nasdaq Composite added 16.66 points, or 0.21 percent, to 7,840.57.
Mixed corporate results from the three big Wall Street banks put some of this week's earnings optimism in check.
Against a basket of major currencies, the dollar index rose 0.05 percent.
Earlier Friday the dollar touched its highest level since June 29.
Spot gold dropped 0.4 percent to $1,241.92 an ounce.
While China has vowed to retaliate against the proposed new U.S. tariffs - 10 percent on $200 billion of Chinese goods - the lack of a specific response to date has sparked global relief.
Shanghai's stock index edged lower and China's yuan headed for its fifth straight week of losses.
The yield curve on U.S. Treasuries once again reached its flattest level in 11 years on Friday in low-volume trading.
Benchmark 10-year notes last rose 4/32 in price to yield 2.8381 percent, from 2.853 percent late on Thursday.
Even so, oil rose on Friday. U.S. crude rose 0.58 percent to $70.74 per barrel and Brent was last at $75.21, up 1.02 percent on the day.
Copper eased about half a percent on Friday and was poised for a fifth straight weekly fall, its longest decline since 2015, on concerns about weaker demand in face of the U.S.-China trade dispute.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)