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The Dow Jones Industrial Average rose on Friday, heading for its first eight-day winning streak in more than a year, amid improving sentiment around U.S.-China trade relations.
The 30-stock index came off its highs of the morning, but was still positive 56.5 points to 27,238.95, ahead 1.65% on the week.
The S&P 500 added 2.69 points to 3,012.26 – up 1.1% on the week. The NASDAQ Composite dipped 6.47 points by noon to register at 8,188, a gain of more than 1% on the week.
The Dow is looking to surpass an intraday record high of 27,398.68. Through Thursday’s close, the Dow was just 0.8% below that level. The S&P 500 was also within striking distance of its all-time high of 3,027.98.
Trade bellwethers Caterpillar gained 0.3%, and Boeing rose 1.1%. Those gains were slightly offset by a 1.6% drop in Apple. The tech giant’s stock fell after an analyst at Goldman Sachs cut his price target on Apple to $165 per share from $187.
On the data front, consumer sentiment for September topped expectations as consumers felt better about the economy. However, worries over the trade war increased.
Market focus is largely attuned to global trade developments, as the world’s two largest economies continued to prepare for talks in early October aimed at breaking their trade war impasse.
The New York Times reported Friday that China will exempt some U.S. agricultural products, including soybeans and pork, from additional tariffs.
Prices for the benchmark 10-year U.S. Treasury dwindled, raising yields to 1.88% from Thursday’s 1.79%. Treasury prices and yields move in opposite directions
Oil prices fell 17 cents to $54.92 U.S. a barrel.
Gold prices moved lower $8.40 to $1,499 U.S. an ounce.
