© Reuters. FILE PHOTO: Traders work on the floor of the NYSE in New York
By Caroline Valetkevitch
NEW YORK (Reuters) – U.S. stocks rose on Friday, led by technology companies, as sentiment was lifted by an upbeat note in trade talks between the United States and China.
China’s state-run Xinhua news agency said Washington and Beijing were making further substantive progress on trade talks. The report came as a relief after news that a summit to seal a deal between the two sides will not happen at March-end.
Chipmakers, which get a large portion of their revenue from China, rose, with the Philadelphia SE chip index up 3 percent, while the broader technology sector rose 1.6 percent.
“I think investors are expecting we’re going to get a deal with China,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “That’s still kind of rumbling around in the background, and also investors are warming up to the idea that central banks have taken a huge step backward in terms of tightening.”
U.S. data showed manufacturing output fell for a second straight month in February and factory activity in New York state was weaker than expected this month.
That followed a batch of weak data this week that underscored the Federal Reserve’s dovish stance on future interest rate hikes.
Broadcom (NASDAQ:) Inc jumped nearly 8.2 percent and was among the biggest boosts to the S&P and Nasdaq, after the company’s quarterly profit beat analysts’ estimates.
The rose 128.52 points, or 0.5 percent, to 25,838.46, the gained 14 points, or 0.50 percent, to 2,822.48 and the added 68.89 points, or 0.9 percent, to 7,699.80.
Photoshop maker Adobe (NASDAQ:) Inc, which also reported late Thursday, fell 4.5 percent after its current-quarter revenue forecast fell below analysts’ estimates.
Boeing (NYSE:) Co