U.S. stocks rose Friday afternoon, trading near session highs, as the major benchmarks aim for their most robust weekly gains in a month. Sentiment was buoyed by encouraging headlines on U.S.-China trade negotiations and Chinese assurances of forthcoming economic stimulus.
Stocks were also expected to be affected by Friday’s quadruple witching, the simultaneous expiration of stock-index futures and stock-index options, as well as individual stock futures and options.
How did major indexes fare?
The Dow Jones Industrial Average DJIA, +0.76% rose 208 points, or 0.8%, at 25,857, while the S&P 500 index SPX, +0.68% climbed 19 points, or 0.5%, at 2,824. The Nasdaq Composite Index COMP, +0.97% advanced 78 points to 7,708, a gain of 1%.
For the week, the Dow is set for a weekly gain of 1.8%, while the S&P 500 is set to rise 3.1%, while the Nasdaq is on pace to rise 4.1% over the past five trading days. The gains would mark the biggest weekly gain since the period ended Feb. 15, according to FactSet data.
What are benchmarks doing?
Stocks rose on Friday as investors digested comments from Chinese Premier Li Keqiang, Beijing’s No. 2 leader after President Xi Jinping, who expressed optimism that a trade deal between China and the U.S. can be achieved that suits both parties.
Li also addressed weakness in the world’s second-largest economy and pledged to maintain strong stimulus measures, like lowering interest rates, cutting bank reserve ratios, and cutting taxes for consumers and businesses, boosting investor confidence that a stabilizing Chinese economy could stem a recent trend of slowing global growth.
Meanwhile, he denied accusations that