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.
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