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Stocks snap weekly winning streak even after Trump says US, China 'very close' to trade deal

Jonathan Garber

Stocks finished higher Friday after President Trump told "FOX and Friends" that the U.S. and China are "very close" to an agreement on trade.

The president's comments come after Chinese President Xi Jinping said his government wants to "work for a phase one agreement on the basis of mutual respect and equality."

All three of the major averages finished in positive territory but snapped their weekly winning streaks. The S&P 500 ended its streak of six weeks of gains while the Nasdaq's weekly winning streak was stopped at seven. The Dow's streak was halted at four weeks.

Trade-sensitive names like Boeing and Caterpillar finished higher.

Elsewhere, Tesla was under pressure after the unveiling of its electric pickup truck CyberTruck was marred by the failure of its "armour glass." CEO Elon Musk asked the electric-car maker's chief designer to throw a metal ball at the vehicle's window in order to show it was shatterproof, but instead of withstanding the force, the window shattered. The designer made a second attempt on another window and the ball again went through it. Rivals Ford and General Motors were higher.

Uber was higher after a Securities and Exchange Commission filing released Thursday evening showed co-founder Travis Kalanick continued to dump shares. Kalanick sold more than $578 million of stock, bringing his total over the past few weeks to almost $1.5 billion. A separate filing showed CEO Dara Khosrowshahi, who succeeded Kalanick in August 2017, purchased 250,000 Uber shares.

On the earnings front, Nordstrom surged after the high-end department store booked a $126 million profit, up 88 percent from a year ago.

Foot Locker was under pressure after forecasting sales for the holiday quarter will be flat.

J.M. Smucker shares gained, shaking off a weak sales forecast that was hampered by continued weakness in its pet food division.

Commodities finished lower with West Texas Intermediate crude oil down 1 percent near $58 a barrel and gold down 0.1 percent at $1,469 an ounce.

U.S. Treasurys were little changed with the note on the 10-year yield holding near 1.77 percent.

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Overnight, China's Shanghai Composite fell 0.6 percent and Hong Kong's Hang Seng rallied 0.5 percent.

In Europe, Britain's FTSE finished up 1.2 percent to pace the advance.

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