By Caroline Valetkevitch
NEW YORK (Reuters) – US stocks rose Friday, led by technology companies, as a report on progress in the US-China trade negotiations lifted the mood, pressured it to its best week since November.
China's state-run news agency Xinhua said Washington and Beijing made significant progress in trade negotiations, and relieved news that a summit to seal an agreement between the two sides would not take place in late March.
Chipmakers, who tend to derive much of their sales from China, rose. The Philadelphia SE chip index rose 2.9 percent, while the S & P 500 technology index rose 1
Despite the mixed news recently on the front, many investors expect a deal to happen eventually, said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. In addition, he said: "Investors are warmed up against the idea that central banks have taken a big step back in terms of tightening."
U.S. Data showed that production production fell in another straight month in February, and factory activity in the New York state was weaker than expected this month.
It followed a series of weak data this week that was in support of the Federal Reserve's bold stance on future interest rate hikes, which have helped raise stocks this year.
Boeing (NYSE 🙂 Co beat 1.5 percent, raised Dow, after the world's biggest planner said a 737 MAX aircraft software upgrade will be rolled out in the coming weeks.
Nevertheless, Boeing's shares for the week lost 10.3 percent. The company's 737 MAX jets were grounded globally after a fatal accident involving one of its flights in Ethiopia on Sunday.
It rose 138.93 points, or 0.54 percent, to 25.848.87, S & P 500 got 14 points, or 0.50 percent, to 2822.48 and it increased 57.62 points, or 0, 76 percent to 7,688.53. The S & P 500 gave its best weekly win since late November, and Nasdaq had its best weekly win so far this year. For the week, S & P 500 was up 2.9 percent, Nasdaq was up 3.8 percent, and Dow was up 1.6 percent.
Broadcom (NASDAQ 🙂 Inc jumped 8.2 percent and was among the biggest boosts to S & P 500 and
Photoshop maker Adobe (NASDAQ 🙂 Inc, which also reported results late Thursday, fell 4 percent after the revenue assumption for the current quarter missed analysts, estimates.
Facebook Inc. (NASDAQ 🙂 shares were down 2.5 percent after social media giant said late on Thursday that Chief Product Officer Chris Cox was going to leave the company.
The stock was shortly added to losses and the Google parent alphabet NASDAQ 🙂 lost ground after the Washington Post reported that US public prosecutors generally signal that they are willing to take action against these and other companies.
Qualcomm (NASDAQ 🙂 shares climbed 2.2 percent after winning a legal victory against Apple Inc (NASDAQ :), with a jury in the federal court in San Diego who finds that Apple owes Qualcomm about $ 31 million to infringe three of their patents.
Advances problems beyond those falling on the NYSE with a 1.63 to 1 ratio; On Nasdaq, a 1.54-to-1 ratio preferred pros.
S & P 500 posted 61 new 52 week heights and no new downs; Nasdaq Composite recorded 92 new heights and 41 new precipitation.
Volume of US stock exchanges was 10.8 billion shares, compared to the 7.5 billion average for the entire session over the last 20 trading days.