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U.S. stocks closed sharply higher on Friday as investor optimism over a possible solution to the United States – China trade conflict increased. Technology stocks flourished the most owing to positive developments on the trade war front. All three major stock indexes ended in the green for Friday and for the week as a whole.
The Dow Jones Industrial Average (DJI) closed at 26,031.81, gaining 0.7% or 181.18 points. The S&P 500 Index (INX) increased 0.6% to close at 2,792.67. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 7,527.54, rising 0.9%. A total of 6.9 billion shares were traded on Friday, lower than the last 20-session average of 7.3 billion shares. Advancers outnumbered decliners on the NYSE by 2.99-to-1 ratio. On the Nasdaq, advancers had an edge over decliners by 2.45-to-1 ratio. The CBOE VIX decreased 6.6% to close at 13.51.
How Did the Benchmarks Perform?
The Dow ended in positive territory and closed above 26,000 for the first time since Nov 8. Notably, 25 stocks of the 30-stocks blue-chip index finished in the green while five ended in the red. The tech-heavy Nasdaq Composite finished in the green reversing its previous day’s losses, due to strong performance by large-cap tech stocks. The S&P 500 closed in positive territory reversing its previous day’s losses. The Technology Select Sector SPDR (XLK) gained a significant 1.3%. Notably, nine out of 11 sectors of the benchmark index closed in the green while two ended in red.
Positive Developments on Trade War Front
The 11-month long trade dispute between the United States and China is heading toward a likely resolution. On Feb 22, President Donald Trump met Liu He, the Chinese Vice Premier and "special envoy" to Chinese President Xi Jinping. Following the meeting, Trump announced that that he will delay a major tariff hike to provide both the countries more time to reach a trade deal.
Notably, on Dec 1, U.S. President Donald Trump and his Chinese counterpart Xi Jinping reached an initial agreement to find a permanent solution to the trade-related conflict between the two countries. The truce will be valid for the next 90 days during which the two countries will try to solve bilateral trade conflicts.
Per CNBC, the two countries are considering a late March meeting between President Trump and Chinese President Xi Jinping in Florida. CNBC has also reported that China has committed to import $1.2 trillion of U.S. exports. However, the two countries are yet to reach an agreement on the most crucial issues of forced transfer of technology and intellectual property.
Technology Sector Leads the Gain
An amicable resolution to the 11-month old United States – China trade war will be a major boost for the technology sector. A strong U.S. and Chinese economy will be a boost for the U.S. technology companies as China is the largest market for high-tech products. Additionally, China also plays the role of low-cost supplier of inputs to the high-tech U.S. industries.
It was an impressive week for the Wall Street as all three major stock indexes ended in positive territory. The Dow gained 0.6%, marking its nine ninth straight week of gains. This was the blue-chip indexes longest weekly rally since May 1995. Moreover, since 1964, this was the first time the Dow gained in all of the first eight weeks of any calendar year.
The S&P 500 also rose 0.6%, reflecting its fourth straight weekly gains. The benchmark index gained 8 out of last nine weeks. The tech-laden Nasdaq Composite increased 0.7% for week, recording its nine ninth straight week of gains since May 2009.
Several positive developments on trade war front, Fed’s decision to put aggressive interest rate policy on backburner and rebound of energy and technology sectors were major catalyst for U.S. stocks.
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Image: Bigstock
Stock Market News For Feb 25, 2019
U.S. stocks closed sharply higher on Friday as investor optimism over a possible solution to the United States – China trade conflict increased. Technology stocks flourished the most owing to positive developments on the trade war front. All three major stock indexes ended in the green for Friday and for the week as a whole.
The Dow Jones Industrial Average (DJI) closed at 26,031.81, gaining 0.7% or 181.18 points. The S&P 500 Index (INX) increased 0.6% to close at 2,792.67. Meanwhile, the Nasdaq Composite Index (IXIC) closed at 7,527.54, rising 0.9%. A total of 6.9 billion shares were traded on Friday, lower than the last 20-session average of 7.3 billion shares. Advancers outnumbered decliners on the NYSE by 2.99-to-1 ratio. On the Nasdaq, advancers had an edge over decliners by 2.45-to-1 ratio. The CBOE VIX decreased 6.6% to close at 13.51.
How Did the Benchmarks Perform?
The Dow ended in positive territory and closed above 26,000 for the first time since Nov 8. Notably, 25 stocks of the 30-stocks blue-chip index finished in the green while five ended in the red. The tech-heavy Nasdaq Composite finished in the green reversing its previous day’s losses, due to strong performance by large-cap tech stocks. The S&P 500 closed in positive territory reversing its previous day’s losses. The Technology Select Sector SPDR (XLK) gained a significant 1.3%. Notably, nine out of 11 sectors of the benchmark index closed in the green while two ended in red.
Positive Developments on Trade War Front
The 11-month long trade dispute between the United States and China is heading toward a likely resolution. On Feb 22, President Donald Trump met Liu He, the Chinese Vice Premier and "special envoy" to Chinese President Xi Jinping. Following the meeting, Trump announced that that he will delay a major tariff hike to provide both the countries more time to reach a trade deal.
Notably, on Dec 1, U.S. President Donald Trump and his Chinese counterpart Xi Jinping reached an initial agreement to find a permanent solution to the trade-related conflict between the two countries. The truce will be valid for the next 90 days during which the two countries will try to solve bilateral trade conflicts.
Per CNBC, the two countries are considering a late March meeting between President Trump and Chinese President Xi Jinping in Florida. CNBC has also reported that China has committed to import $1.2 trillion of U.S. exports. However, the two countries are yet to reach an agreement on the most crucial issues of forced transfer of technology and intellectual property.
Technology Sector Leads the Gain
An amicable resolution to the 11-month old United States – China trade war will be a major boost for the technology sector. A strong U.S. and Chinese economy will be a boost for the U.S. technology companies as China is the largest market for high-tech products. Additionally, China also plays the role of low-cost supplier of inputs to the high-tech U.S. industries.
Consequently, shares of FAANG stocks such as Facebook Inc. , Apple Inc. (AAPL - Free Report) , Amazon.com Inc. (AMZN - Free Report) , Netflix Inc. (NFLX - Free Report) and Alphabet Inc. (GOOGL - Free Report) surged 1.2%, 1.1%, 0.8%, 1.7% and 1.1%, respectively. Facebook carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Weekly Roundup
It was an impressive week for the Wall Street as all three major stock indexes ended in positive territory. The Dow gained 0.6%, marking its nine ninth straight week of gains. This was the blue-chip indexes longest weekly rally since May 1995. Moreover, since 1964, this was the first time the Dow gained in all of the first eight weeks of any calendar year.
The S&P 500 also rose 0.6%, reflecting its fourth straight weekly gains. The benchmark index gained 8 out of last nine weeks. The tech-laden Nasdaq Composite increased 0.7% for week, recording its nine ninth straight week of gains since May 2009.
Several positive developments on trade war front, Fed’s decision to put aggressive interest rate policy on backburner and rebound of energy and technology sectors were major catalyst for U.S. stocks.
This Could Be the Fastest Way to Grow Wealth in 2019
Research indicates one sector is poised to deliver a crop of the best-performing stocks you'll find anywhere in the market. Breaking news in this space frequently creates quick double- and triple-digit profit opportunities.
These companies are changing the world – and owning their stocks could transform your portfolio in 2019 and beyond. Recent trades from this sector have generated +98%, +119% and +164% gains in as little as 1 month.
Click here to see these breakthrough stocks now >>