By Stephen Culp
NEW YORK (Reuters) – Wall Street rose on Friday as investors hope to trade in a critical US-China meeting this weekend, and the S & P 500 and NASDAQ listed the largest weekly percentage increase in nearly seven years.
The Dow has seen its biggest weekly advance in two years, with investors encouraged this week by comments from Federal Reserve Chairman Jerome Powell and subsequent minutes from the last central bank meeting, according to the Fed will be more data-driven than ideological on future rate hikes.
All three major US states Indexes posted modest monthly percentage gains in November. [1
US President Donald Trump will meet with Chinese counterpart Xi Jinping on Saturday, and the result could lead to stock swings for the remainder of the year.
"The three main issues that people are really focusing on are what the Fed is like. See how trade relations with China develop and what's going on in the oil markets," said Charlie Ripley, chief market strategist Allianz (DE) Investment Management in Minneapolis.
"But as we get better news, this has helped lift the markets," Ripley added. "That's why we see a week like this week."
The Dow Jones Industrial Average () rose by 199.62 points or 0.79 percent to 25,538.46, the S & P 500 () increased 22.4 points or 0.82 percent to 2,760.16 and the Nasdaq Composite () added 57.45 points, or 0.79 percent. to 7.330.54.
Of the eleven large sectors of the S & P 500, all but Energy () ended the session in positive territory.
Energy stocks fell 0.2 percent as crude oil prices () widened their downturn.
But falling oil prices boosted the shares of airlines. The Dow Jones Airlines Index () rose 2.8 percent.
Shares of Marriott International Inc. (O) fell 5.6 percent after the hotel operator said that hackers had stolen approximately 500 million records from the Starwood Hotels reservation system.
General Electric Co (N 🙂 shares fell 5.5 percent, according to a Wall Street Journal report stating that former employees are being questioned by state investigators that the company is itself deteriorating results of the insurance business over the years had not recognized.
inferior to the number of declines on the NYSE with a ratio of 1.17 to 1; On Nasdaq favored a ratio of 1.24 to 1 pioneer.
The S & P 500 scored 28 new highs of 52 weeks and 6 new lows; The Nasdaq Composite recorded 49 new highs and 90 new lows.
The volume on the US exchanges was 8.39 billion shares, compared to the average of the entire last 20 trading days of 7.63 billion.
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