Investing.com – The Dow wrapped the week in strong form Friday and managed to have an eighth straight week of gains as optimism as the US and China closed on a trade deal triggered a sea of green over Wall Street. 19659004] It rose 1.74%, it increased 1.09%, while it was 0.61%.
The Dow finished 3.1% for the week, with S & P 500 up 2.5% and Nasdaq 2.4% higher. The closing levels for the three indices were the best since the beginning of November.
With only weeks to go until March 1
Trump said that trade talks "go extremely well" and emphasizes that the US is closer than ever to having a genuine trade agreement with China.
Without a trade agreement secured by March 1, the US could implement additional tariffs on China. However, Trump said he would be "honored" to clear fares if a deal could be reached.
The new-found optimism of trade pushed the power stocks sharply higher, as traders longed for fear of a longer trade war would damage economic growth in China, the world's largest oil consumer, denting oil demand.
Trade is not only weighted on market sentiment, but also on corporate earnings.
Tractor supplier Deere (NYSE 🙂 posted a rare accusation of higher commodity costs and concerns over tariffs and trade policies. The company's shares fell 2%.
Finance, mainly the bank stocks, also led to the market increasing thanks to solid gains from Goldman Sachs (NYSE :), JPMorgan (NYSE 🙂 and Citigroup (NYSE :).
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