Wall Street rose on Friday with help from positive comments from Washington and Beijing about progress on efforts to reach a US-China trade deal, and from upbeat domestic economic data.
US President Donald Trump told Fox News that a trade deal was “potentially very close” following remarks by President Xi Jinping (習近平) that Beijing wanted to work out an initial agreement.
“It’s tied back to the on-again, off-again narrative that’s been the consistent theme regarding a potential trade deal with China. Our President says we’re on today so the market’s responding accordingly,” said Mike Loewengart, vice president for investment strategy at E*Trade Financial Corp in New York.
However, investors were also showing skepticism as the situation in Hong Kong added complexity, he said.
Meanwhile, the latest economic data underscored a resilient domestic economy as US manufacturing output accelerated this month to its fastest pace in seven months and services activity picked up more than expected.
However, benchmark S&P 500 index snapped its six-week winning streak, while the tech-heavy NASDAQ saw its first weekly drop in eight weeks. A largely better-than-expected third-quarter corporate earnings season had also contributed to the recent rally.
The Dow Jones Industrial Average rose 109.33 points, or 0.39 percent, to 27,875.62. The S&P 500 gained 6.75 points, or 0.22 percent, to 3,110.29 and the NASDAQ Composite added 13.67 points, or 0.16 percent, to 8,519.88.
For the week the Dow lost 0.46 percent, the S&P fell 0.33 percent and the NASDAQ shed 0.25 percent.
Nordstrom Inc jumped 10.64 percent after the retailer raised its forecast for this year and reported third-quarter profit above expectations.
Gap Inc shares were up 4.44 percent after it beat lowered quarterly profit estimates days after the retailer cut its annual forecast and replaced its longtime chief executive officer Art Peck.
Shares of Tesla Inc fell 6.14 percent as Wall Street questioned the look of its newly unveiled electric pickup truck, whose “armored glass” windows shattered in a demonstration.
Advancing issues outnumbered declining ones on the NYSE by a 1.69-to-1 ratio; on NASDAQ, a 1.47-to-1 ratio favored advancers.
The S&P 500 posted 17 new 52-week highs and two new lows; the NASDAQ Composite recorded 49 new highs and 73 new lows.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Standard Chartered Taiwan on March 26 announced that it has partnered with international fintech firm FinIQ to build an “Automated Structured Products Pricing Platform.” The bank is also introducing products from global issuers including Goldman Sachs Group Inc, Barclays PLC and BNP Paribas SA. The new platform enables an end-to-end process whereby it finds the most competitive pricing across multiple issuers in a matter of minutes, followed by automated documentation and transaction execution, which significantly shortens time-to-market and delivers a superior wealth management experience. Standard Chartered Bank Taiwan CEO Anthony Yu (游天立) said: “Standard Chartered is increasingly leveraging its wealth management
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