Investing.com – The Dow racked up gains Friday, snapping a two-week losing streak on reports of progress in U.S.-China trade talks.
The rose 0.54%, the added 0.50%, while the gained 0.76%.
A wave of green washed over U.S. stocks after China official state-run Xinhua news agency reported that the United States and China had made “further concrete progress on the text of the trade agreement.”
The news helped lift sentiment on U.S.-China trade, which had been dented a day earlier after Treasury Secretary Steven Mnuchin admitted that a summit between U.S. President Donald Trump and Chinese President Xi Jinping to seal a trade deal would not take place at the end of March as previously discussed.
Trade-sensitive industrials, however, struggled to close in positive territory as General Electric (NYSE:) gave up gains from a day earlier, closing 3.2% lower.
Boeing (NYSE:), meanwhile, pared some of its early-week losses after Agence France-Presse reported that the aircraft maker was set to roll out a software upgrade for its 737-MAX in the next 10 days. Shares rose 1.5% and added nearly 39 points to the Dow’s 139-point gain.
Tech stocks also underpinned the rally in the broader market as Wall Street analysts talked up the prospects for chip stocks amid expectations the U.S. and China are edging closer to a deal. Intel (NASDAQ:) was the Dow’s leader with a 1.67% gain.
“We’re of the belief that a deal will get done which would likely send the semiconductor space up higher,” RBC said. The two most sensitive areas to trade within semis have been semi-cap equipment and GPUs, the bank added.
Microsoft(NASDAQ:) and Cisco Systems (NASDAQ:) both hit 52-week highs.
Facebook (NASDAQ:) fell 2.5%, keeping a lid on growth in tech stocks, after its Chief Product Officer Chris Cox announced he would