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Wall Street rises on trade jumps; S & P, Nasdaq post best weeks in 7 years by Reuters

© Reuters. A businessman works on the floor at the New York Stock Exchange in New York City By Stephen…

© Reuters. A businessman works on the floor at the New York Stock Exchange in New York City

By Stephen Culp

NEW YORK (Reuters) – Wall Street rose on Friday when investors hoped for progress in trade in a critical US – China meeting this weekend, and the S & P 500 and Nasdaq published their biggest weekly percentage gains in nearly seven years.

Dow saw his biggest weekly advance in two years. Investors were encouraged this week with comments from Federal Reserve Chair Jerome Powell and subsequent protocols from the central bank’s recent meeting that suggested that Fed will take a data-driven rather than ideological approach to future interest rate hikes.

All three major US indexes recorded modest monthly percentages for November.

A Chinese official said “consensus is constantly increasing” in trade negotiations between the US and China when the G20 meeting is taking place in Buenos Aires, hoping that there will be a positive solution in ongoing disputes between the world’s two largest economies.

US President Donald Trump will meet with his Chinese counterpart Xi Jinping on Saturday and the result may swing stocks for the rest of the year.

“The three important issues that people really focus on are how dovish is Fed, how do trade relations with China go out and what’s happening in the oil market,” says Charlie Ripley, senior marketing strategy for Allianz (DE 🙂 Investment Management in Minneapolis .

“But when we get better news, it has helped lift the markets,” added Ripley. “That’s why we are seeing a week like this week.”

Dow Jones Industrial Average () increased 1

99 , 62 points, or 0.79 percent to 25.538.46, S & P 500 () increased 22.4 points or 0.82 percent to 2.760.16 and the Nasdaq Composite () yielded 57.45 points or 0.79 percent, to 7,330,54.

Of the 11 major sectors of the S & P 500, everything except the energy () session ended in positive territory.

Energy stocks fell by 0.2 percent as raw prices () prolonged its sliding.

However, falling oil prices increased the airlines’ shares. The Dow Jones Airlines Index () increased me d 2.8 percent.

Shares in Marriott International Inc (O 🙂 fell 5.6 percent after the hotel operator said hackers stole about 500 million entries from their Starwood Hotels reservation system. [19659000] General Electric The Co (N:) shares dropped 5.5 percent after a Wall Street Journal report that former employees were questioned by federal investigators about the failure of the company to acknowledge the deterioration result of the insurance business over the years.

Promoting problems exceeds decreasing on NYSE with a ratio of 1.17 to 1; on Nasdaq, a 1.24-to-1 ratio favored progress.

The S & P 500 posted 28 new 52-week high and 6 new downturns; Nasdaq Composite registered 49 new increases and 90 new downturns.

The volume of US stock exchanges was 8.39 billion shares, compared to 7.63 billion for the entire session over the last 20 trading days.

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