Dow Hits 8 Straight Winning Sessions
The Dow Jones Industrial Average rose on Friday, posting its first eight-day winning streak in more than a year, amid improving sentiment around U.S.-China trade relations.
The 30-stock index gained 37.07 points to 27,219.52, ahead 422 points, or 1.58% on the week.
The S&P 500 was lower 2.18 points to 3,007.39 – but up more than 28 points, or 0.96% on the week.
The NASDAQ Composite dipped 17.75 points to 8,176.71, but managed a gain of more than 73 points, or 0.9%, on the week.
The Dow was 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 1.5%, and Boeing rose 1.1%. Those gains were slightly offset by a 1.9% 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.
Bank stocks got a boost from the higher rates. Bank of America climbed nearly 9% week to date while Citigroup and J.P. Morgan Chase both gained more than 6%. The three banks also rose more than 1.5% each on Friday.
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 swooned, raising yields to 1.91% from Thursday's 1.79%. Treasury prices and yields move in opposite directions
Oil prices fell 16 cents to $54.93 U.S. a barrel.
Gold prices moved lower $12.40 to $1,495.00 U.S. an ounce.