Left Menu
Development News Edition

US STOCKS-Wall St rises on trade hopes; S&P, Nasdaq post best weeks in 7 yrs


Wall Street rose on Friday as investors hoped for progress on trade in a critical U.S.-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.

The Dow saw its largest weekly advance in two years. Investors were encouraged this week by comments by Federal Reserve Chair Jerome Powell and subsequent minutes from the central bank's latest meeting that suggested that the Fed will take a data-driven rather than ideological approach to future rate-hikes.

All three major U.S. indexes recorded modest monthly percentage gains for November.

A Chinese official said "consensus is steadily increasing" in trade negotiations between the U.S. and China as the G20 meeting got underway in Buenos Aires, sparking hopes there would be a positive resolution in the ongoing tariff dispute between the world's two largest economies.

U.S. President Donald Trump is set to meet with his Chinese counterpart Xi Jinping on Saturday and the outcome could swing stocks for the rest of the year.

"The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

"But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week."

The Dow Jones Industrial Average rose 199.62 points, or 0.79 percent, to 25,538.46, the S&P 500 gained 22.4 points, or 0.82 percent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 percent, to 7,330.54.

Of the 11 major sectors in the S&P 500, all but energy ended the session in positive territory.

Energy stocks fell 0.2 percent as crude prices extended their slide.

But falling oil prices boosted airlines stocks. The Dow Jones Airlines index rose 2.8 percent.

Shares of Marriott International Inc sank 5.6 percent after the hotel operator said hackers stole about 500 million records from its Starwood Hotels reservation system.

General Electric Co shares slid 5.5 percent following a Wall Street Journal report that former employees are being questioned by federal investigators about the company's failure to acknowledge its insurance business' worsening results over the years.

Advancing issues outnumbered declining ones on the NYSE by a 1.17-to-1 ratio; on Nasdaq, a 1.24-to-1 ratio favored advancers.

The S&P 500 posted 28 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 49 new highs and 90 new lows.

Volume on U.S. exchanges was 8.39 billion shares, compared to the 7.63 billion average for the full session over the last 20 trading days. (Reporting by Stephen Culp, Editing by Rosalba O'Brien)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION/BLOG/INTERVIEW

Hyderabad Encounter: Time to review modern judiciary and restore people’s confidence

Its probably for the first time in the history of independent India, the parliamentarians, chief ministers and ministers in the Union and State governments are openly supporting an encounter. This indicates the people from top to bottom hav...

What happens to your outstanding loans if the bank falls?

... ...

Time for a change! Innovations to stop the growing plastic pollution

As the planet is drowning in plastic pollution, many new innovative approaches and solutions have emerged to effectively deal with the menace....

How to avoid fake universities and fishing bait like Farmington

As education sharks are roaming around to prey, we present a guide on how to mitigate hunters and reach to a genuine universityinstitute. In this era of commercialization of education, the fake universities and economic frauds in educationa...

Videos

Latest News

Nobody should tamper with the basic spirit of Constitution:

West Bengal Chief Minister Mamata Banerjee on Monday paid tributes to the founding fathers of the Constitution and said nobody should tamper with the basic spirit of the Constitution. The Constituent Assembly met for the first time on this...

Without consent of panchayats, BJP govts grabbing land in

Without consent of panchayats, BJP govts grabbing land instates, alleges Rahul Gandhi at Jharkhand poll rally....

Our govt brought Land Acquisition Act, 2013 which stipulated

Our govt brought Land Acquisition Act, 2013 which stipulatedconditions for acquiring plots, Narendra Modi had opposed itRahul Gandhi at Jharkhand rally....

Hong Kong stocks end flat on disappointing China export data

Hong Kong stocks erased earlier gains to end flat on Monday, as investors remained wary over Chinas latest dismal export data and the months-long protests in the Asian financial hub. The Hang Seng index was unchanged at 26,494.73, while the...

Give Feedback