U.S. Stocks end week at record levels as trade tension ease
U.S. stocks set repeated highs this week, pulled higher by shares of big technology companies.
The rally coincided with the signing of a trade deal between the U.S. and China that paused a long-simmering battle between two of the biggest world economies.
Meanwhile, earnings from big banks showed that the domestic consumer remains strong, and fresh economic data released Friday also added to optimism about the U.S. economy.
Many investors for months had been preoccupied by the trade battle between the U.S. and China, worried that tensions between the two countries would weigh on economic growth. The deal this week eased some of that anxiety, while data on the U.S. consumer and housing encouraged investors that the long economic expansion could continue.
The S&P 500 rose 12.81 points, or 0.4%, to 3329.62 on Friday, its sixth record close of the year. The Nasdaq Composite advanced 31.81 points, or 0.3%, to 9388.94. The Dow Jones Industrial Average rose 50.46 points, or 0.2%, to 29348.10.
All three indexes finished the week at least 1.8% higher at new records.
Highflying technology stocks were among the biggest gainers of the week, rising almost 3% in the S&P 500.