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Major American Stock Indexes Touch All-Time High On US-China Trade Optimism

By Staff

On Friday, all major stock indexes in the US market touched their all-time highs after White House Economic Adviser Larry Kudlow said late on Thursday that Washington and Beijing were close to a trade agreement after "very constructive talks."

Major American Stock Indexes Touch All-Time High On US-China Trade Optimism

Kudlow's statement, along with solid earnings from semiconductor industry bellwether Applied Materials, boosted risk appetite and optimism among stock investors, pushing benchmark index S&P 500 to its sixth straight weekly gain, the longest gaining streak in two years.

The S&P 500 closed 0.77 percent higher at 3,120.46 at 4 pm (New York time) on Friday. Dow Jones Industrial Average ended 0.8 percent higher at 28,004.89, while Nasdaq Composite rose 0.73 percent at 8,540.83. Nine of the 11 major S&P 500 sectors were higher.

The gains and optimism in American markets over trade optimism could be reflected in the Indian markets on Monday.

In the Indian markets on Friday, BSE's Sensex closed 70.21 points higher at 40,356.69 and NSE's Nifty 50 rose 23.35 to end at 11,895.45.

Story first published: Saturday, November 16, 2019, 11:06 [IST]
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