The S&P 500 and the Dow Jones Industrial Average rose on Friday after three days...
NEW YORK - The S&P 500 and the Dow Jones Industrial Average rose on Friday after three days of losses, lifted by optimism about the prospects for a U.S.-China trade agreement, but gains were capped by downbeat manufacturing and consumer reports.
The figures were more upbeat than the official Chinese PMI survey on Thursday that showed new orders expanding and come after stronger-than-expected growth in U.S. gross domestic product in the fourth quarter. The report was behind the latest trade optimism in the market as it boosted hopes for improving global growth prospects, Detrick said.
The benchmark S&P 500 index has risen 11.8 percent this year, bolstered by trade hopes and the Federal Reserve’s cautious stance on interest rates. The footwear retailer beat quarterly same-store sales estimates and helped drive a 1.9 percent gain in shares of supplier Nike Inc. A Commerce Department report showed inflation pressures remaining tame, which along with slowing domestic and global economic growth, gave more credence to the Federal Reserve’s “patient” stance toward raising interest rates further this year.
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