Wall Street rises with trade optimism, positive economic data

Wall Street rises with trade optimism, positive economic data

( Reuters) – Wall Street increased on Friday with help from positive remarks from Washington and Beijing about progress on efforts to reach a U.S.-China trade offer, and from upbeat domestic economic information.

FILE PHOTO: Traders work on the flooring of the New York Stock Exchange soon after the opening bell in New york city City, U.S., November 21,2019 REUTERS/Lucas Jackson

U.S. President Donald Trump told Fox News a trade deal was “potentially really close” following remarks by President Xi Jinping that Beijing wanted to work out a preliminary arrangement.

The S&P 500 and the Dow were on track for their greatest everyday gains in a dull week marked by uncertainty about trade. In previous days, one report recommended the hold-up of a trade truce to 2020, while U.S. lawmakers backed 2 expenses backing protesters in Hong Kong.

” It’s tied back to the on-again, off-again narrative that’s been the constant theme concerning a potential trade offer with China. Our President says we’re on today so the marketplace’s responding appropriately,” stated Mike Loewengart, vice president for investment technique at E * Trade Financial Corp in New York City.

But financiers were likewise revealing apprehension as the Hong Kong scenario added intricacy, he said.

Meanwhile, the latest financial information highlighted a resistant domestic economy as U.S. manufacturing output sped up in November to its fastest pace in seven months and services activity got more than anticipated.

However the benchmark S&P 500 index was on course to snap its six-week winning streak, while the tech-heavy Nasdaq is set for its very first weekly drop in eight weeks. A mainly better-than-expected third-quarter corporate revenues season has actually likewise added to the current rally.

The Dow Jones Industrial Average DJI rose 119.98 points, or 0.43%, to 27,88627, the S&P 500 SPX got 6.03 points, or 0.19%, to 3,10957 and the Nasdaq Composite IXIC added 4.11 points, or 0.05%, to 8,51032

Eight of the 11 major S&P 500 sectors were trading higher, led by a 0.68%gain in financials.SPSY.

Nordstrom Inc ( JWN.N) jumped 10.2?ter the merchant raised its 2019 projection and reported third-quarter revenue above expectations. Gap Inc ( GPS.N) shares were up 4.5?ter it beat lowered quarterly profit estimates days after the merchant cut its yearly projection and changed its longtime president.

Shares of Tesla Inc ( TSLA.O) fell 6.3%as Wall Street questioned the look of its freshly unveiled electric pickup, whose “armored glass” windows shattered in a demonstration.

Intuit Inc ( INTU.O) dropped 5.7?ter the income-tax filing software maker projection second-quarter revenue below price quotes.

Advancing issues surpassed decreasing ones on the NYSE by a 1.69- to-1 ratio; on Nasdaq, a 1.47- to-1 ratio preferred advancers.

The S&P 500 published 17 brand-new 52- week highs and 2 brand-new lows; the Nasdaq Composite recorded 49 new highs and 73 new lows.

Additional reporting by Arjun Panchadar and Agamoni Ghosh in Bengaluru; Editing by Nick Zieminski

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