INSUBCONTINENT EXCLUSIVE:
Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world's
two biggest economies and upbeat domestic economic data helped to ease investor worries
US President Donald Trump told Fox News a trade deal was "potentially very close" following remarks by President Xi Jinping that Beijing
wanted to work out an initial agreement.
The S-P 500 and the Dow showed their biggest daily gains in a lacklustre week marked by
uncertainty, with a report suggesting the delay of a trade truce to 2020 and US lawmakers passing two bills supporting protesters in Hong
Kong, which could complicate US-China talks.
Strategists said it helped that Trump was vague on Friday about whether he would sign or veto
the bills.
Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, attributed Friday's gains to strong US
manufacturing data as well as the improving mood on trade
He said investors were cautious about the apparent trade progress, however.
"President Trump saying it's close is news we've heard before
How close is close? Close but not quite or close but I could change my mind?" he said
"That's what's keeping the market on its heels at the moment, keeping the move a little bit more timid."
Manufacturing output
accelerated in November to its fastest pace in seven months and services activity picked up more than expected.
The Dow Jones Industrial
Average rose 109.33 points, or 0.39per cent, to 27,875.62, the S-P 500 gained 6.75 points, or 0.22per cent, to 3,110.29 and the Nasdaq
Composite added 13.67 points, or 0.16per cent, to 8,519.89.
Still, the S-P snapped its six-week winning streak, while the tech-heavy Nasdaq
registered its first weekly drop in eight weeks and the Dow showed a weekly loss after four weeks of gains
A largely better-than-expected third-quarter corporate earnings season contributed to recent rallies.
Seven of the 11 major S-P 500 sectors
closed higher, led by a 0.76per cent gain in financials and a 0.65per cent rise in consumer discretionary .
Nordstrom Inc rose 10.6per cent
after the retailer raised its 2019 forecast and reported third-quarter profit above expectations
Gap Inc shares rose 4.4per cent as the retailer beat lowered quarterly profit estimates days after it cut its annual forecast and replaced
its longtime chief executive officer.
Shares of Tesla Inc fell 6per cent as Wall Street questioned the look of its newly unveiled electric
pickup truck, whose "armored glass" windows shattered in a demonstration
Intuit Inc dropped 4.2per cent after the income-tax filing software maker forecast second-quarter profit below estimates.
Advancing issues
outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favoured advancers.
The S-P 500 posted 17 new
52-week highs and 2 new lows; the Nasdaq Composite recorded 60 new highs and 84 new lows
On US exchanges, 5.96 billion shares changed hands compared with the 7.03 billion average for the last 20 sessions.