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Close Update: Dow Outpaces Other Major US Market Indexes Friday Amid US-China Trade Optimism


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US stocks rallied Friday ahead of the holiday weekend amid renewed optimism for a resolution of the trade dispute between the US and China. Markets are closed on Monday for the Martin Luther King holiday.

The Dow Jones Industrial Average gained 1.4%, while the S&P 500 added 1.3%. The Nasdaq Composite Index lagged slightly, climbing 1%. Shares of industrial, energy and financial companies helped power the S&P 500 higher.

For the week, the Dow gained just under 3%, while the S&P 500 added 2.9% and the Nasdaq gained 2.7%.

Stocks were boosted early by positive corporate profi t report s and dovish talk from NY Fed President John Williams, who said interest rates are near "normal levels" and the Fed needs a patient approach to monetary policy.

Stocks were bolstered further by a Bloomberg News report that said China had offered to increase its imports of goods from the US over a six-year period and cut its trade surplus with the US to zero.

Crude oil prices surged Friday, helping drive the NYSE Energy Index up 1.7%. West Texas Intermediate crude for February delivery jumped 3%.

US stock markets are closed Monday in observance of the Martin Luther King Jr. holiday.

US MARKETS

Dow Jones Industrial Average was up 336.25 points (+1.38%)

S&P 500 was up 34.75 points (+1.32%)

Nasdaq Composite Index was up 72.76 points (+1.03%)

GLOBAL SENTIMENT

FTSE 100 was up 1.95% to 6,968.33

Hang Seng Index was up 1.25% to 27,090.81

Shanghai China Composite Index was up 1.42% to 2,596.01

UPSIDE MOVERS

(+) MOXC (+82.10%) Announced partnership with Fujian

(+) UPL (+29.87%) Ruling to pay $400 million to creditors was reversed

(+) OZK (+16.16%) Beat Q4 EPS, revenue estimates

(+) ATIS (+17.65%) Sunoco to sell ethanol plant to Attis Industries

DOWNSIDE MOVERS:

(-) NLS (-40.46%) Issued weak Q4, FY18 revenue outlook

(-) TYME (-35.39%) Reported disappointing data from SM-88 study

(-) IMMU (-26.42%) Fails to win FDA approval for breast cancer drug

(-) CASA (-22.17%) Expects to report Q4 results below expectations, lowered FY18 sales guidance

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Stocks
Referenced Symbols: MOXC , UPL




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