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Dow reaches 28,000 for the first time



All three major indexes closed at record highs and ended another week in the green.

The Dow [194559003] ( INDU ) rose 0.8% or 223 points, Friday, making it its fourth consecutive week of profits. The S & P 500 ( SPX ) rose 0.8% on Friday and ended its sixth consecutive earnings week. The Nasdaq Composite ( COMP ) increased for a seventh consecutive week, closing 0.7% a day.
The weekly rally was propelled by hopes for a trade agreement between the US and China and some better than expected retail sales on Friday.

"With the Dow closing for the first time over 28,000, we have further confirmation that this rally may need to go further, and whenever an important index cracks a significant level, as the Dow has just done, the The psychological effect helps to exert pressure Markets even higher: With the S & P 500, which also reaches new highs, the trend is clearly upwards despite real economic and political risks: Psychology plays a role in the markets, as it is the interpretation of This is probably just another to make the perception even more positive, "said Brad McMillan, Common Investment Financial Network's Chief Investment Officer.

The shares have achieved continuous records in recent weeks.

White House economic adviser Larry Kudlow was optimistic about a US-China trade agreement on Friday, boosting investor sentiment. The countries announced that they are nearing a "Phase 1

" deal in mid-October, but have not yet signed it. In the meantime, the market has received mixed signals from officials who sometimes inspired hopes of a deal and sometimes injured them.

Meanwhile, economic data showed that the American consumer is still willing to spend money, which is good news for US economic growth. Consumption accounts for around two-thirds of GDP growth.

Retail sales in October rebounded from a sluggish September, mainly due to sales of gasoline businesses.

Net American buyers returned to stores and shopping malls in October, but the coast is not yet clear on consumer spending in the fourth quarter of the year, "warned Chris Rupkey, chief financial economist at MUFG.


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