U.S. stocks inched up to close at fresh record highs on Friday, even though President Trump cast doubt on progress in concluding a U.S. trade deal with China after optimism that the long running dispute would be resolved had powered the week’s rally.
The Dow gained for a third straight week while the benchmark S&P 500 index notched a fifth week of gains as the U.S. third quarter earnings reporting season wound down.
How did the major benchmarks perform?
The Dow Jones Industrial Average DJIA, +0.02% added 6.44 points, or 0.02% to close at a new record of 27,681.20, the S&P 500 index SPX, +0.26% advanced 7.90 basis points, or 0.26%, to seize a fresh closing high of 3,093.08. The Nasdaq Composite Index COMP, +0.48% rose 40.80 points, or 0.48%, at 8,475.31, another record.
On Thursday, the Dow and S&P 500 each posted a record close, while the Nasdaq Composite saw its second-highest close in history, according to Dow Jones Market Data.
For the week, the Dow added 1.2% while the S&P 500 gained 0.8% and the Nasdaq advanced 1%.
What drove the market?
Stock markets rallied into the close Friday even amid growing doubts about the willingness of the U.S. to pare import duties in stages as a part of its partial China trade pact, after President Trump told reporters he hasn’t yet approved such a measure.
Peter Navarro, a senior U.S. trade adviser, said late Thursday that there was no formal agreement in place and the final decision would lie with Trump, according to The Wall Street Journal.
But the latest doubts about resolving the trade war were unable to upend the week’s overall stock market rally, which gained steam after China’s Ministry of Commerce said an agreement had been achieved to jointly eliminate some tariffs in stages