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Stocks end mostly higher on Trump China comments

A volatile trading session Friday as President Trump took aim at China but did not go as far as feared. He did not mention any new significant sanctions or any plans to walk away from the phase one trade deal.

After spending most of the day in the red, the S&P 500 and the Nasdaq perked up by the end of the session, but the Dow languished.

Stocks marched higher in May and have now bounced roughly 40 percent from the lows set in March.

But a showdown between the world's two biggest economies is likely to add to market gyrations, says Jim Cahn, chief investment officer at Wealth Enhancement Group.

"It is unlikely that this is a cold war that will turn hot. We are not going to point nukes at each other but it is likely dangerous, in a sense, that a lot of the prosperity we've had by leveraging and integrating supply chains, integrating markets - that's going to come undone and if that comes undone and we have competing spheres of influence between the United States and China that's really not to anyone's benefit."

Meanwhile, a reminder of the depths of the U.S. economic downturn:

Consumer spending saw its biggest nosedive on record, plunging 13.6 percent in April. And in a separate report, factory exports tumbled to a 10-year low.

Investors hope the numbers won't get much worse, now that states are moving ahead with their reopenings.

But Federal Reserve Chairman Jerome Powell says he's standing guard just in case there's a surge in new cases.

"I think a second wave could really undermine public confidence and might make for a longer, significantly longer recovery and weaker recovery."

Tyson Foods had to shut down one of its meat processing plants after 22 percent of its workforce at the factory came down with the virus. Shares of Tyson finished lower.