© Reuters. Traders working on the New York Stock Exchange
By Shreyashi Sanyal and Amy Caren Daniel
(Reuters) – US equities rallied Friday on a long weekend on Memorial Day after US President Donald Trump made a quick prediction End of the ongoing trade war with China.
Trump said on Thursday that Huawei Technologies Co Ltd could also be included in the trade agreement, while calling the Chinese telecoms giant "very dangerous" at the same time.
Since the last round of talks in Washington two weeks ago, no high-level talks are planned.
It's time to end the week by 1
"Markets currently seem to be struggling to maintain profits because people do not want to wait too long for the holiday weekend," said Marc Pepper, CLS Investments' chief investment strategist, Omaha, Nebraska.
In addition to concern about a slowing economy, data showed that US-made capital goods fell more-than-expected in April.
"The positive trade narrative has trumped today's data," said Mike Dowdall, investment strategist at BMO Global Asset Management, Chicago.
At 12:55 pm ET the rose 115.03 points or 0.45% to 25.605,50. The S & P 500 rose 9.31 points or 0.33% to 2,831.55 and the S & P 500 jumped 31.70 points or 0.42% to 7,659.99.
Technology stocks, which were among the worst hit stocks this week, rose 0.53%, reflecting increases at chipmaker Intel Corp (NASDAQ 🙂 and iPhone maker Apple Inc (NASDAQ) 🙂 was down 0.61% as yields on US Treasury notes rose for the first time in three days.
However, markets remained at their daily high and traders said volatile trading and low volumes were likely as market participants prepared for the long weekend.
Foot Locker (NYSE 🙂 Inc fell 17.1%, most at S & P, according to the footwear retailer, one of the largest US retailers of nike inc NYSE 🙂 Shoes, missed quarterly earnings and revenue estimates for the same business. Nike shares fell 0.2%.
Total System Services Inc (NYSE 🙂 rose 13.4% after Bloomberg announced that Global Payments Inc had preliminary connection discussions with the payment solution provider. Global Payments shares rose 5.5%.
Autodesk Inc (NASDAQ 🙂 fell 4.5% after the software maker reported lower-than-expected quarterly results. Ratio of 1 to Nasdaq.
The S & P index recorded 36 new 52-week highs and 16 new lows, while the Nasdaq recorded 33 new highs and 86 new lows.