Stocks Surge on Trump Remarks
May 24,2019 10:45 AM EST
Stocks traded higher on Friday after President Donald Trump said the ongoing trade war could be over quickly, but equities were still on pace to close lower for the week.
The Dow Jones Industrials advanced 81.75 points to 25,572.22,
The S&P 500 progressed 8.92 points to 2,831.16.
The NASDAQ Composite hiked 36.28 points to 7,664.56
The Dow and S&P 500 came into Friday''s session down more than 1% each for the week while the NASDAQ had lost 2.4%.
Qualcomm dropped 16.3% and and Broadcom lost 10.3%.
Apple shares also contributed to the tech losses as several analysts raised concern over the company''s exposure to China. The stock is down nearly 5% this week.
Amazon shares contributed to Friday''s gains, rising 1.2% after an analyst at Piper Jaffray said the company''s stock could reach $3,000 in two years. Dow Inc added to the gains, climbing 0.5% after J.P. Morgan upgraded the stock to neutral from underweight. Trade bellwethers Boeing gained 2.4%, and Caterpillar rose 0.4%.
Trump told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei.
Prices for the benchmark 10-year U.S. Treasury backed off, raising yields to 2.33% from Friday''s 2.31%. Treasury prices and yields move in opposite directions.
Oil prices regained 39 cents to $58.30 U.S. a barrel.
Gold prices dipped $3.10 to $1,282.30 U.S. an ounce.
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