By Shreyashi Sanyal and Amy Caren Daniel
(Reuters) – US stocks reached Friday before a long Memorial Day weekend, when investors breathed a sigh of relief after President Donald Trump hinted that the long-standing trade war with China could end soon.
Trump said Thursday that Huawei Technologies Co. Ltd could be part of the trade agreement. However, no high-level talks have been planned since the last round of negotiations in Washington two weeks ago.
The positive news came after a decline in markets on Thursday. It's time to end the week 1[ads1]% lower, which will make the third straight week of losses for the benchmark, as markets worried that the war will lead to a global economic downturn.
Add concerns that the broader economy was slow, the data showed that US capital goods fell more than expected in April.
"The positive trade story has trumped data today," says Mike Dowdall, investment strategist for BMO Global Asset Management, in Chicago.
"There has been a reversal in sentiment in trading, which has helped stocks jump back. Markets look at every little statement that comes out to decipher broadly where conversations go."
At 11:03 ET was up 34.87 points, or 0.14% at 25.525.34, S & P 500 was 2.14 points or 0.08% at 2.824.38 and it was 18.30 points or 0.24% at 7,646.58.
Technological stocks, which were among the hardest hit this week, rose 0.27%, boosted by gains in chipmaker Intel (NASDAQ 🙂 and iPhone manufacturer Apple Inc (NASDAQ :).
The finance increased 0.29%, as US treasury dividends rose for the first time in three days, and gave a boost to markets.
But markets were out of their height, with traders saying volatile trading and thin volumes were likely as market participants geared up for the long weekend.
Foot Locker (NYSE 🙂 Inc doubled 16.8%, mostly at S & P, after the shoe retailer missed quarterly profits and estimates for the same store.
Total System Services Inc (NYSE 🙂 jumped 10.6% after Bloomberg reported Global Payments Inc has had preliminary interactions with the payment solution provider. Global Payments shares rose 3.0%.
Autodesk Inc (NASDAQ 🙂 fell 5.8% after the software vendor reported quarterly revenue below expectations.
Accelerating problems exceeded decliners with a 1.77 to 1 ratio on the NYSE and with a 1.85 to 1 ratio on Nasdaq.
The S&P index recorded 36 new 52 weeks and 10 new downs, while Nasdaq recorded 30 new heights and 58 new downs.
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