Advertisment
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.
The Dow Jones Industrials advanced 95.22 points to 25,555.69, but still posted their fifth consecutive weekly decline, their longest since 2011.
The S&P 500 progressed 3.82 points to 2,826.06.
The NASDAQ Composite gained 8.73 points to 7,637.01
The Dow and S&P 500 came into Friday’s session down more than 1% each for the week while the NASDAQ had lost 2.4%.
The S&P 500 and NASDAQ were headed for a third straight week of losses, their longest since last December.
Even so, the indexes rebounded slightly from sharp losses on Thursday after President Donald Trump said Thursday afternoon the ongoing trade war could be over quickly.
Markets in the U.S. will be closed Monday for Memorial Day
Energy and tech were the worst-performing sectors for the week. The energy sector fell 3.4% while tech — the largest S&P 500 sector by market weight — lost 2.8%.
Trump told reporters on Thursday afternoon he expected the U.S.-China trade war to end swiftly. He also noted a trade deal with China could lift tough restrictions on the Chinese telecom giant Huawei.
Energy and tech are the worst-performing sectors for the week. The energy sector is down 4% while tech — the largest S&P 500 sector by market weight — has lost 2.6%.
Qualcomm docked 18.8%, and Broadcom lost 11.7%, making them the worst-performers in the sector.
Apple shares also contributed to the tech losses as several analysts raised concern over the company’s exposure to China. The stock was down 5.3% on the week.
U.S. durable goods orders dropped 2.1% last month amid a slowdown in exports and a buildup in inventories. This is the latest economic data set showing cracks in the economy while the world’s largest economies engage in a trade war. IHS Markit said Thursday that U.S. manufacturing activity fell to a nine-year low.
The data sets come at a time when investors are growing more convinced that the trade war will take longer than expected to conclude.
Prices for the benchmark 10-year U.S. Treasury backed off, raising yields to 2.32% from Friday’s 2.31%. Treasury prices and yields move in opposite directions.
Oil prices gained 98 cents to $58.89 U.S. a barrel.
Gold prices dipped 90 cents to $1,284.50 U.S. an ounce.
