Technology and industrial stocks powered Wall Street’s rise on Friday when the settings of the three main indexes on track for their fourth week of gains going amid growing optimism that the United States and China could resolve their trade dispute.
U.S. stocks had extended their gains after a Bloomberg report talked about Cina having offered too on a six-year buying spree to ramp up U.S. imports to reconfigure the relation between the two countries.
This report got followed by another one on Thursday talking about U.S. Treasury Secretary, who was considering lifting some or all tariffs imposed on Chinese imports — but having a Treasury spokesman denying Mnuchin, saying that he didn’t make such recommendation.
Trade-sensitive industrials stocks rose 2.26%, with most among S&P sectors, while the Philadelphia SE semiconductor index climbed 2.87&. A 1.68% rise in the technology sector, which was the most significant boost to S&P 500.
A sharp rally in January has put the benchmark index on track for its best monthly gain since March 2016 and about 10% away from its September 20 record close after hitting a 20-month low on Christmas Eve.
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