US STOCKS-Wall St jumps on U.S.-China trade deal optimism
U.S. stocks rose sharply on Friday as hopes grew that the talks between President Donald Trump and Chinese Vice Premier Liu He would culminate in a partial trade deal and delay planned U.S. tariff increases. Cyclicals were among the day's best-performing groups, with industrials and others up more
Cyclicals were among the day's best-performing groups, with industrials and others up more than 2% ahead of the third-quarter earnings season set to begin next week. Also, shares of Apple Inc hit a record high.
The Trump-Liu meeting was set for this afternoon in the White House. Top-level discussions between the two countries concluded their second day on Friday.
"There's marginal progress with trade, it looks like," Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.
That, along with other factors, is boosting stocks, he said. "It reinforces our view that the path of least resistance is forward for the market."
The S&P 500 and Dow Jones indexes looked set to break a three-week losing streak on optimism that the world's top two economies could cool off their row before more U.S. tariffs kick in next week.
The Dow Jones Industrial Average rose 476.31 points, or 1.8%, to 26,972.98, the S&P 500 gained 51.14 points, or 1.74%, to 2,989.27 and the Nasdaq Composite added 158.41 points, or 1.99%, to 8,109.20.
The S&P 500 bank index jumped on expectations that strength in mortgage banking and cheap valuations could provide support to some of the biggest U.S. lenders.
However, analysts expect S&P 500 earnings dropped 3.2% year-on-year in the third quarter, which would mark the first decline since 2016, according to IBES data from Refinitiv.
Bets for another interest rate cut by the Federal Reserve fell after data showed a rise in consumer sentiment for the month of October.
Apple rose as Wedbush raised its price target, citing confidence in the company's new video streaming service.
The industrial index was boosted by a surge in shares of Fastenal Co after the industrial distributor beat quarterly profit expectations.
Advancing issues outnumbered declining ones on the NYSE by a 3.86-to-1 ratio.
The S&P 500 posted 26 new 52-week highs and no new lows; the Nasdaq Composite recorded 43 new highs and 49 new lows. (Additional reporting by April Joyner in New York and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Louise Heavens)
The Trump-Liu meeting was set for this afternoon in the White House. Top-level discussions between the two countries concluded their second day on Friday.
"There's marginal progress with trade, it looks like," Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.
That, along with other factors, is boosting stocks, he said. "It reinforces our view that the path of least resistance is forward for the market."
The S&P 500 and Dow Jones indexes looked set to break a three-week losing streak on optimism that the world's top two economies could cool off their row before more U.S. tariffs kick in next week.
The Dow Jones Industrial Average rose 476.31 points, or 1.8%, to 26,972.98, the S&P 500 gained 51.14 points, or 1.74%, to 2,989.27 and the Nasdaq Composite added 158.41 points, or 1.99%, to 8,109.20.
The S&P 500 bank index jumped on expectations that strength in mortgage banking and cheap valuations could provide support to some of the biggest U.S. lenders.
However, analysts expect S&P 500 earnings dropped 3.2% year-on-year in the third quarter, which would mark the first decline since 2016, according to IBES data from Refinitiv.
Bets for another interest rate cut by the Federal Reserve fell after data showed a rise in consumer sentiment for the month of October.
Apple rose as Wedbush raised its price target, citing confidence in the company's new video streaming service.
The industrial index was boosted by a surge in shares of Fastenal Co after the industrial distributor beat quarterly profit expectations.
Advancing issues outnumbered declining ones on the NYSE by a 3.86-to-1 ratio.
The S&P 500 posted 26 new 52-week highs and no new lows; the Nasdaq Composite recorded 43 new highs and 49 new lows. (Additional reporting by April Joyner in New York and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Louise Heavens)
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
