Trump says confident in U.S. trade deal with China

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"We continue to believe Netflix's investment in content, technology and distribution will continue to drive subscriber growth well above consensus expectations both in the USA and internationally".

The manufacturing sectors in both countries have been hit by the trade dispute, and Apple shares dropped sharply after reporting steeper-than-expected "economic deceleration" in the last quarter in China - one of its largest overseas markets.

At 8:30 a.m., the Labor Department said the USA economy added 312,000 jobs in December. US stocks have tumbled since October as investors anxious that the nation's economy might slow down dramatically because of challenges including the U.S.

The announcement comes as China and the US try to strike a deal on trade.

Cook acknowledged that the revenue shortfall in its guidance was partly due to China's trade tensions with the US.

Until recently, the Fed had suggested it planned to raise short-term interest rates three times this year and next, and Powell said the Fed's balance sheet was shrinking "on autopilot". The S&P 500 index plunged almost 2.5 percent and the tech-heavy Nasdaq lost more than three percent. The S&P 500 was up or down more than 1% nine times in December, compared to only eight times in all of 2017.

Stocks sank Thursday after

Cook, citing weaker iPhone demand in China and fewer phone upgrades elsewhere, said sales would be about US$84 billion in the holiday quarter - as much as US$9 billion less than previous estimates. Other big exporters including technology and machinery companies also took big losses.

Trump has slapped import tariffs on hundreds of billions of dollars of Chinese goods as he seeks concessions from Beijing on issues ranging from industrial subsidies to hacking, sparking retaliation by China. China's commerce ministry said the USA and Chinese would hold vice-ministerial level negotiations over trade in Beijing on January 7-8.

Technology companies, banks, health care and industrial companies all made strong gains.

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Most people in the Western world probably own a smartphone of some kind and, as the devices become commoditised, it's harder for different companies to stand out.

His comments came after the company warned investors this week that its earnings will be badly weakened by a sales slowdown brought on in part by Trump's trade war with China. Microsoft rose 3.1 per cent to $100.41 and Deere gained 3.4 per cent to $148.96.

Thursday's declines were also a result of concern among investors over the largest one-month decline in USA factory activity since the Great Recession.

NEW YORK-Global stocks are soaring Friday and reversing the big losses they suffered just a day earlier.

"We don't expect that this will be the end to the volatility", she said. The yield on the 10-year Treasury note rose to 2.66% after it plunged to 2.55% Thursday, which was its lowest in nearly a year. That helps banks, as higher interest rates allow them to make bigger profits on mortgages and other loans.

In Asia, Hong Kong's Hang Seng jumped 2.2 per cent.

Beijing has tried in vain to recruit France, Germany, South Korea and other governments as allies against Trump. The slowdown in the Chinese economy also impacted its revenue, he said. Retailers and internet companies rose as well, with Amazon up 5.3 per cent at $1,580 and Google's parent company, Alphabet, rising 4.7 per cent to $1,073. Brent crude, used to price worldwide oils, was up 3.1 per cent to $57.66 per barrel in London. Natural gas jumped 3.4% to $3.04 per 1,000 cubic feet. Silver slipped 0.1% to $15.79 an ounce.

JPMorgan Chase rallied 2.4 per cent to $99.45 and Citigroup rose 4 per cent to $54.67.

The dollar strengthened. It rose to 108.27 yen from 107.77 yen. Yields rise as prices fall. The British pound moved up to $1.2717 from $1.2630.