© Reuters. FILE PHOTO: Traders working on the NYSE floor in New York
By Caroline Valetkevitch
NEW YORK (Reuters) – US stocks rose Friday, led by technology companies, as a report on progress in trade between the United States and China talks lifted the feeling and driven it to its best week since November.
China's state-owned Xinhua news agency said Washington and Beijing made significant progress in trade negotiations and gave relief after news that a summit to seal an agreement between the two sides would not happen in the March end.
Chipmakers, who tend to derive much of their revenue from China, rose. The Philadelphia chip index climbed 2.9 percent while the S & P 500 technology index rose 1
Despite the mixed news recently on trade, many investors expect an agreement to be made, says Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. In addition, he said: "The investors are warming up to the idea that central banks have taken a big step backwards in terms of tightening."
U.S. Data showed that manufacturing production fell a second straight month in February and factory operations in the New York State were weaker than expected this month.
This followed a series of weak data this week that lent support to the Federal Reserve's stupid stance on future interest rate hikes, which has helped lift stocks this year.
Boeing (NYSE 🙂 Co closed 1.5 percent, Dow lifted after the world's largest planner said a 737 MAX aircraft software upgrade will be rolled out in the coming weeks.
However, Boeing's shares for the week lost 10.3 percent. The company's 737 MAX jets were grounded globally after a fatal crash involving one of its aircraft in Ethiopia on Sunday.
The voice of 138.93 points, or 0.54 percent, to 25.848.87, S & P 500 received 14 points or 0.50 percent to 2.822.48 and the 57.62 points added, or 0.76 percent, to 7,688.53. The S & P 500 showed its best weekly win since late November and Nasdaq had its best weekly win so far this year. For the week, S & P 500 increased by 2.9 percent, Nasdaq was 3.8 percent and Dow was 1.6 percent.
Broadcom (NASDAQ 🙂 Inc jumped 8.2 percent and was among the biggest increases to S & P 500 and Nasdaq, after the company reported quarterly earnings that beat analysts' estimates late on Thursday.
Photoshop manufacturer Adobe (NASDAQ 🙂 Inc, which also reported the results late Thursday, fell 4 percent after revenue for the current quarter missed analysts' estimates.
Facebook Inc. ( NASDAQ 🙂 shares were down 2.5 percent after the social media giant said late on Thursday that Chief Product Officer Chris Cox would leave the company.
The stock card added losses and Google parent Alphabet NASDAQ 🙂 lost ground after the Washington Post reported that US state attorneys generally signal that they are willing to take action against these and other companies.
Qualcomm (NASDAQ 🙂 shares climbed 2.2 percent after winning a legal victory against Apple Inc (NASDAQ :), with a jury in the federal court in San Diego stating that Apple owes Qualcomm about $ 31 million to infringe three of its patents.
but surpassed falling on the NYSE with a 1.63-to-1 ratio. On the Nasdaq, a 1.54 to 1 ratio was favored progress.
S & P 500 posted 61 new 52 weeks high and no new downturns; The Nasdaq Composite recorded 92 new increases and 41 new lows.
The volume of US stock exchanges was 10.8 billion shares, compared to 7.5 billion average for the whole session over the last 20 trading days.