Tech companies power Wall Street to solid weekly rise

The S&P 500 on Friday rose to a new high for this year as resurgent technology stocks closed out their best week in four months with solid gains.

Financial, healthcare and consumer stocks also helped lift the market.

The gains erased losses from last week, when the S&P 500 had its worst week of the year.

The benchmark index on Friday finished up 14 points, or 0.5 percent, at 2,822.48, up 12.6 percent for the year and down 4 percent from a record level set in September last year. That was also a surge of 2.9 percent from a close of 2,743.07 on March 8.

Technology stocks had their best week since November last year, while industrial stocks lagged the market.

Apple Inc ended the week with a 7.6 percent gain, its best week since August last year.

Despite the latest gains, global political turmoil, particularly over trade, still weighs on investors, Northern Trust Wealth Management chief investment officer Katie Nixon said.

“There’s so much importance placed on these geopolitical risks,” Nixon said. “They have to be resolved for the market to go forward.”

The Dow Jones Industrial Average on Friday rose 138.93 points, or 0.5 percent, to 25,848.87, gaining 1.6 percent from 25,450.24 on March 8.

The NASDAQ Composite on Friday climbed 57.62 points, or 0.8 percent, to 7,688.53, surging 3.8 percent from a close of 7,408.14 a week earlier.

The Russell 2000 index of smaller companies on Friday picked up 3.90 points, or 0.3 percent, to 1,553.54, a 2.1 percent jump from 1,521.88 on March 8.

US stocks have had a strong showing this year, with all the major indices showing a gain of at least 10 percent.

Investors appear to be encouraged by reports that the US and China could be making progress on critical negotiations aimed

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