The Dow Jones Industrial Average closed at 26,816.59 on Friday with a gain of 319.92 points or 1.21%. The S&P 500 closed at 2,970.27 for a gain of 32.14 points or 1.09%. The Nasdaq Composite closed at 8,057.04 for a gain of 106.26 points or 1.34%. The VIX Volatility Index was lower at 15.53 for a loss of 2.04 points or -11.61%
For the week, the S&P 500 gained 0.6% and the Dow Jones and Nasdaq were both up approximately 0.9%. For the year, the Nasdaq is up 21.4%, the S&P 500 is up 18.5% and the Dow Jones is up 15%.
Friday’s market movers
U.S. indexes ended the week with positive gains on Friday. News on a phase one deal after President Trump and China’s Vice Premier Lui He met on Friday helped increase investors’ confidence. The U.S. Treasury secretary also said the increase in tariffs planned for Oct.15 had been canceled.
Stocks also rallied Friday on a report of $60 billion worth of Treasury bills to be purchased by the Federal Reserve through the second quarter of 2020. The Fed’s Treasury purchases will increase balance sheet assets and help to mitigate short-term market issues arising over the past several months.
Next week, investors will be watching the beginning of the third-quarter earnings season with results from the big banks. JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Citigroup (NYSE:C) and Wells Fargo (NYSE:WFC) will report earnings on Tuesday. Bank of America (NYSE:BAC) will report on Wednesday and Morgan Stanley (NYSE:MS) will report on Thursday.
Economic reports affecting market trading included the following:
Export and import prices were released. Export prices decreased 0.2% in September following a decrease of 0.6%. Year over year, export prices were down 1.6%. Import prices increased 0.2% in September following a decrease of 0.2%. Year over