Trade hopes to lift Wall Street; S & P 500 notes best quarter since 2009 by Reuters

© Reuters. Traders working on the NYSE floor in New York

By Caroline Valetkevitch

NEW YORK (Reuters) – US shares closed the closing trading day in the first quarter on a strong note on Friday and released their best quarterly earnings since 2009, reinforced by optimism during the last round of US-China trade negotiations.

The two sides said they made progress in trade negotiations that ended Friday in Beijing. The conversation, aimed at resolving an almost nine-month trade dispute between the world's two largest economies, was called "honest and constructive" by Washington.

A Chinese delegation led by Vice President Liu He comes to Washington next week for another round of talks.

"The prospect of a trade war ending in the short term increases investor confidence, and in turn closes the quarter with some pretty good gains," said Peter Cardillo, chief economist at Spartan Capital Securities in New York.

The benchmark index S & P 500 rose 1[ads1]3.1 percent in the quarter, the largest quarterly gain since the third quarter of 2009 and its best first quarter since 1998.

Sensitive industrial halls rose 1 percent, while chip makers, which have a large revenue exposure to China, also achieved, with the Philadelphia chip index of 1.6 percent.

The broader technology sector increased by 1 percent.

Rosen 211.22 points, or 0.82 percent, to 2.5928.68, S & P 500 got 18.96 points or 0.67 percent to 2.834.4 and it increased 60.16 points, or 0 , 78 percent to 7,729.32.

For the quarter, Dow increased 11.2 percent, the largest quarterly increase since 2013, while Nasdaq jumped 16.5 percent in its best quarter since 2012.

All three main indices yielded at least 1 percent gains per week and recorded gains for the month as well.

Riding Harvest Lift [19659016] Inc (NASDAQ 🙂 increased more than 20 percent after making the debut on Nasdaq. The share ended at 8.7 per cent.

Data released on Friday showed that US consumer spending barely rose in January, and revenue modestly increased in February, suggesting that the economy lost momentum after growth slowed down in the fourth quarter.

Growth fear was unleashed last week when the Federal Reserve abandoned interest rate hikes in 2019 and the US government bond yield curve inverted for the first time since 2007, historically returning to recession.

However, the yield curve between three-month bills and 10-year notes showed something positive on Friday, after being converted for a week.

Belarus economic advisor Larry Kudlow told Axios on Friday that the Fed should "immediately" cut interest rates by half a percentage point.

With the first quarter earnings reporting season only around two weeks away, investors are concerned with what may be the first US downturn since 2016. Analysts expect quarterly earnings to fall 1.9 percent from the previous year, according to Refinitiv data. 19659004] Wall Street will look at financial data with laser focus next week after the latest warning signals from Treasury dividends.

Advances problems beyond those falling on the NYSE with a 1.73-to-1 ratio; On Nasdaq, a 1.40 to 1 ratio preferred pros.

S & P 500 posted 42 new 52 week heights and 2 new downs; Nasdaq Composite recorded 57 new heights and 47 new precipitation.

Volume on US stock exchanges was 7.41 billion shares, compared to the 7.52 billion average for the entire session over the last 20 trading days.

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