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The Closing Bell: Wall Street Advances As Trade Optimism Gathers Steam
FYI: Wall Street extended its gains on Friday after a Chinese official’s optimistic remarks boosted investor hopes about U.S.-China trade talks as the G20 meeting in Buenos Aires opened.
The S&P 500 posted its biggest weekly percentage gain in almost 6 years. The Dow and the Nasdaq were set to record their largest weekly advances in 2 years and 9 months, respectively. The Dow added 199 points to finish at 25,538. The S&P was up .81% while the Nasdaq ended the day with a plus.79%
Investors were heartened this week by comments from U.S. Federal Reserve Chair Jerome Powell and subsequent minutes from the central bank’s latest meeting that suggested that the Fed will take a data-driven rather than ideological approach to future rate-hikes.
As November draws to a close, the S&P 500 and the Dow were on track to post modest monthly gains, while the Nasdaq was on its way towards being nominally down for the month.
