S&P 500 rises on earnings and trade optimism, flirts with record
Stocks rose on Friday as investors cheered strong quarterly earnings from Intel along with apparent progress on the U.S.-China trade front.
The S&P 500 climbed 0.4% to 3,022.53 and briefly traded above its record closing high. The broad index also came within inches of its intraday all-time high. The tech sector closed at a record high, rising more than 1% on Friday.
“If higher rates in 2018 and the worsening of the Trade War caused weaker economic data in 2019, so too should much lower rates and softening of rhetoric help the economy and EPS,” Tony Dwyer, chief market strategist at Canaccord Genuity, wrote in a note.
More than 38% of S&P 500 companies posted quarter earnings for the third quarter thus far, according to FactSet. Of those companies, 78% have beaten analyst expectations. This week was one of the busiest of the earnings season, with more than 120 companies reporting.
Markets also got a boost from trade optimism. The U.S. Trade Representative said China and the U.S. were close to finalizing parts of a phase one trade deal.
The major averages were headed for weekly gains. The Dow was up 0.8% for the week. Meanwhile, the S&P 500 and Nasdaq were up 1.3% and 1.8%, respectively. - CNBC
The S&P 500 climbed 0.4% to 3,022.53 and briefly traded above its record closing high. The broad index also came within inches of its intraday all-time high. The tech sector closed at a record high, rising more than 1% on Friday.
“If higher rates in 2018 and the worsening of the Trade War caused weaker economic data in 2019, so too should much lower rates and softening of rhetoric help the economy and EPS,” Tony Dwyer, chief market strategist at Canaccord Genuity, wrote in a note.
More than 38% of S&P 500 companies posted quarter earnings for the third quarter thus far, according to FactSet. Of those companies, 78% have beaten analyst expectations. This week was one of the busiest of the earnings season, with more than 120 companies reporting.
Markets also got a boost from trade optimism. The U.S. Trade Representative said China and the U.S. were close to finalizing parts of a phase one trade deal.
The major averages were headed for weekly gains. The Dow was up 0.8% for the week. Meanwhile, the S&P 500 and Nasdaq were up 1.3% and 1.8%, respectively. - CNBC