All three major indices of the US stock market set a new record at the close on Friday, with the S&P 500 closing the week for the fifth consecutive session, although investors were still skeptical about negotiations.
According to Reuters, concerns about progress on the trade talks table between the world’s two largest economies surfaced earlier in the day, when President Donald Trump said he had not agreed to withdraw the desired tariffs. of China.
Earlier on Thursday, both US and Chinese officials said the two sides agreed to gradually lift tariffs imposed on each other’s goods.
Tim Ghriskey, strategist at Invernss Counsel, said the market was volatile after Mr. Trump’s statement, but soon the indexes recovered.
“The feeling now is that we will see some kind of agreement before the end of the year,” Ghriskey said.
Firmly increasing is the main trend of US stocks in recent sessions, with new records continuously being established. The catalyst for this upward move, in addition to being optimistic about the war situation, was also the interest rate lowering action of the Federal Reserve (FED) and a series of figures that were better than the US economic forecast.
The VIX index measures the volatility of US stocks thus ending Friday’s session at its lowest level since July 24.
Walt Disney shares played an important push for the S&P 500 this session, with a 3.8% gain after the entertainment company announced better-than-expected business results.
At the close, the Dow Jones increased by 0.02%, reaching 27,681.24 points. The S&P 500 index increased by 0.26%, reaching 3,093.08 points. The Nasdaq index increased by 0.48%, reaching 8,475.31 points.
For the whole week, the S&P 500 increased by 0.8%, marking the fifth consecutive week of increases. Nasdaq increased 1.1%, marking the sixth consecutive week of increases. Dow Jones rose 1.2% for the week.
Positive third-quarter earnings report season is also another important factor behind this rising chain of US stocks. Of the 446 companies in the S&P 500 that have released their business results so far, about three-quarters have exceeded their forecast, according to Refinitiv data.
Technology shares also played a key role in Friday’s market, with Microsoft up 1.2%.
Gap shares, meanwhile, slumped 7.6% after the fashion retailer announced that CEO Pion Art Peck would resign, an unexpected departure as Gap is restructuring. In addition, the company also cut its profit forecast for the year.
On the NYSE, the number of gainers this session was 1.07 times the number of losers. On the Nasdaq, the corresponding rate is 1.13 times. A total of 6.59 billion shares were successfully transferred, compared to the average of 6.79 billion shares per session of the last 20 trading days.