New Record Closes This Week
The major stock averages rose slightly on Friday, notching fresh record closing highs, as Wall Street capped off a week in which trade optimism sparked a massive rotation out of bonds and into equities.
The Dow Jones Industrials closed the week by poking ahead 6.44 to 27,681.24, led by Disney shares
The S&P 500 recovered 7.90 points to 3,093.08, led by gains in the tech and health care sectors.
The NASDAQ regained 40.8 points, to 8,475.31
The S&P 500 rose for a fifth straight week, gaining 0.9%. The NASDAQ rose 1.1%, extending its weekly winning streak to six. The Dow posted a three-week winning streak, advancing 1.2%.
A spokesperson for the Chinese Commerce Ministry said Thursday that China and the U.S. had agreed to cancel existing tariffs in phases. A U.S. official also said reportedly both sides agreed to roll back the levies in tranches.
Sentiment was also boosted this week by corporate earnings results that have generally beaten expectations. Of the 452 S&P 500 companies that have reported thus far, 74% have beaten estimates.
Most recently, Disney posted better-than-forecast quarterly numbers, sending the stock up 3.8%. Disney's revenues for its media and networks segment topped estimates, while sales for the company's parks, studio entertainment and direct-to-consumer businesses also beat expectations. The stock also got a lift from increasing enthusiasm around next week's launch of Disney+.
Prices for the benchmark 10-year U.S. Treasury fell back, raising yields to 1.94% from Thursday's 1.92%. Treasury prices and yields move in opposite directions.
Oil prices recovered 22 cents to $57.37 U.S. a barrel.
Gold prices fell seven dollars to $1,459.40 U.S. an ounce.