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Dow hits 28,000 for the first time



All three main indices closed at record highs, ending another week in the green.

Dow ( INDU ) ended up 0.8%, or 223 points, on Friday, making it the fourth week in a row. The S&P 500 ( SPX ) climbed 0.8% on Friday, ending its sixth straight week of gains. Nasdaq Composite ( COMP ) advanced for a seventh week in a row, closing up 0.7% on the day.
This week's rally was driven by hopes of a US-China trade agreement and some better-than-expected retail data on Friday.

"When the Dow closes over 28,000 for the first time, we have further confirmation that this rally may have farther to go. Each time a larger index breaks a significant level, as Dow just did, the psychological impact can help to With the S&P 500 also hitting new highs, the trend is clear despite the real economic and political risk Psychology is important in the markets as it affects how news is interpreted and this is just an even more likely to make the views even more positive, "said Brad McMillan, chief investment officer for the Commonwealth Financial Network.

Stocks have hit continuous records in recent weeks.

White House economic adviser Larry Kudlow expressed optimism over a US-China trade on Friday, raising investor sentiment. The countries announced they were nearing a "phase one" agreement in mid-October, but have not yet signed it. In the meantime, the market has received mixed signals from officials, sometimes bending and sometimes hurting hopes that an agreement will be made.

Meanwhile, economic data showed that the US consumer is still willing to spend, which is good news for US economic growth. Consumption accounts for around two-thirds of GDP growth.

Retail sales in October rebounded from a slow September, mainly due to gasoline sales.

"American net, net, returned to stores and malls in October, but the coast is not yet ready for consumer spending in the fourth quarter," warned Chris Rupkey, chief financial officer at MUFG.


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