By Shreyashi Sanyal
(Reuters) – US stocks rose Friday when stocks of big banks reached after removing the Federal Reserve's stress test, with investors tracking G20- the summit, where President Donald Trump and his Chinese counterpart, Xi Jinping, could lay the groundwork for resolving a trade dispute that has weighed on global growth.
Trump said he was hoping for productive conversations with the Chinese president, but said he had made no promises of a statement of increasing tariffs. The two leaders are scheduled to meet on the sidelines of the G20 summit this weekend in Japan.
"The bar is very low for the G20 right now. All we need is a framework for a deal," said Kim Forrest, investment manager at Bokeh Capital Partners in Pittsburgh.
"And I think Street thinks it can happen. I think a deal to just talk to each other is possible."
The uncertainty caused by conflicting reports of a potential trading weapon halted this month's rally, with the S&P 500 index () at pace to post its first weekly loss in June.
Nevertheless, the benchmark index has risen by 6.5% for the month, making it the right track to show its best six-month performance since March 201
Lifting of Wall Street was gains in financial economy (), up 1.14%, the most among the 11 major S&P sectors.
Bank's shares <.spxbk> jumped 2% after the Fed on Thursday approved the capital plans of 16 banks, including JPMorgan Chase & Co (N :), Bank of America Corp (N 🙂 and Citigroup Inc (N :), in its last stress test hurdle.
At 9:50 ET, the Dow Jones Industrial Average () was 14.91 points, or 0.06%, of 26.541.49 and S & P 500 was up 5.88 points, or 0.20 % at 2,930.80.
Nasdaq Composite () was up 4.34 points, or 0.05%, of 7.972.10.
Apple Inc (O 🙂 fell 1%, pushing the tech-heavy Nasdaq and blue-chip Dow, after the iPhone manufacturer said Jony Ive, a close-knit collaborator with the company's co-founder Steve Jobs, will go later this year.
Constellation Brands Inc (N 🙂 jumped 4%, mostly at S & P, after Corona beer maker reported quarterly results to analysts & # 39; estimates.
Giving the Fed ammunition to cut interest rates next month was data showing that consumer spending rose moderately in May, and prices rose somewhat, suggesting slowing economic growth and benign inflationary pressures.  Accelerated problems exceeded decliners of a 2.94-to-1 ratio on the NYSE and a ratio of 2.49 to 1 on Nasdaq.
The S&P index recorded four new 52-week highs and no new lows, while Nasdaq recorded 37 new highs and nine new downs.