Wall St gains with tech; S&P 500 posts best week since November
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* China's Xinhua says trade talks making progress
* Boeing gains after it says software upgrade for 737 MAX
* Chip stocks rally on trade optimism, Broadcom results
* Indexes up: Dow 0.5 pct, S&P 500 0.5 pct, Nasdaq 0.8 pct
(Updates to close)
By Caroline Valetkevitch
NEW YORK, March 15 (Reuters) - U.S. stocks rose on Friday,
led by technology companies, as a report on progress in
U.S.-China trade talks lifted sentiment, pushing the S&P 500 to
its best week since November.
China's state-run Xinhua news agency said Washington and
Beijing were making substantive progress on trade talks,
providing relief after news that a summit to seal a deal between
the two sides would not happen at March-end.
Chipmakers, which tend to derive a large portion of their
revenue from China, rose. The Philadelphia SE chip index
climbed 2.9 percent while the S&P 500 technology index
rose 1.2 percent.
Despite the mixed news recently on the trade front, many
investors expect a deal will eventually happen, said Paul Nolte,
portfolio manager at Kingsview Asset Management in Chicago. In
addition, he said, "Investors are warming up to the idea that
central banks have taken a huge step backward in terms of
U.S. data showed manufacturing output fell for a second
straight month in February and factory activity in New York
state was weaker than expected this month.
That followed a batch of weak data this week that lent
support to the Federal Reserve's dovish stance on future
interest rate hikes, which has helped to lift stocks this year.
Boeing Co closed up 1.5 percent, lifting the Dow,
after the world's largest planemaker said a software upgrade for
the 737 MAX aircraft will be rolled out in the coming weeks.
Even so, Boeing's shares for the week lost 10.3 percent. The
company's 737 MAX jets were grounded globally following a fatal
crash involving one of its planes in Ethiopia on Sunday.
The Dow Jones Industrial Average rose 138.93 points,
or 0.54 percent, to 25,848.87, the S&P 500 gained 14
points, or 0.50 percent, to 2,822.48 and the Nasdaq Composite
added 57.62 points, or 0.76 percent, to 7,688.53.
The S&P 500 posted its best weekly gain since the end of
November and Nasdaq had its best weekly gain so far this year.
For the week, the S&P 500 was up 2.9 percent, the Nasdaq was up
3.8 percent, and the Dow was up 1.6 percent.
Broadcom Inc jumped 8.2 percent and was among the
biggest boosts to the S&P 500 and Nasdaq, after the company late
on Thursday reported a quarterly profit that beat analysts'
Photoshop maker Adobe Inc, which also reported
results late Thursday, fell 4 percent after its current-quarter
revenue forecast missed analysts' estimates.
Facebook Inc shares were down 2.5 percent after the
social media giant said late on Thursday that Chief Product
Officer Chris Cox would be leaving the company.
The stock briefly added to losses and Google-parent Alphabet
lost ground after the Washington Post reported that
U.S. state attorneys general are signaling they are willing to
take action against those and other companies.
Qualcomm shares climbed 2.2 percent after it won a
legal victory against Apple Inc, with a jury in federal
court in San Diego finding that Apple owes Qualcomm about $31
million for infringing three of its patents.
Advancing issues outnumbered declining ones on the NYSE by a
1.63-to-1 ratio; on Nasdaq, a 1.54-to-1 ratio favored advancers.
The S&P 500 posted 61 new 52-week highs and no new lows; the
Nasdaq Composite recorded 92 new highs and 41 new lows.
Volume on U.S. exchanges was 10.8 billion shares, compared
to the 7.5 billion average for the full session over the last 20
(Additional reporting by Amy Caren Daniel and Medha Singh in
Bengaluru; Editing by Dan Grebler and Leslie Adler)
First Published: 2019-03-15 13:04:18
Updated 2019-03-15 22:40:24
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