|Day's Range||7,440.26 - 7,477.28|
|52 Week Range||6,190.17 - 8,133.30|
U.S. stocks rallied Friday to solidify another week of gains.
Munger’s comments come after Amazon announced on Thursday that it was canceling plans to build its New York City headquarters in Long Island City, and wouldn’t be seeking a replacement venue.
All three major stock indexes ended the day in the black, buoyed by hope that the U.S. and China are making progress in their trade talks. News that President Donald Trump declared a national emergency to get money for a border wall failed to derail the gains.
MARKET EXTRA U.S. financial markets will pause Monday in observance of Presidents Day — which, technically, is not the name of the holiday. The New York Stock Exchange and Nasdaq will shutter on Feb.
Stocks close higher Friday, with the Dow and the Nasdaq gaining for an eighth straight week, on news of continued progress in trade negotiations between the U.S. and China.
Progress in the U.S.-China trade talks helped send world stock markets broadly higher on Friday and pulled investors out of the safety of government bonds. The Dow Jones Industrial Average rose 443.86 points, or 1.74 percent, to 25,883.25, the S&P 500 gained 29.87 points, or 1.09 percent, to 2,775.6 and the Nasdaq Composite added 45.46 points, or 0.61 percent, to 7,472.41. China and the United States reached a consensus in principle on some key issues during the talks, China's state news agency Xinhua said on Friday.
Wall Street rallied on Friday, with the Dow and the Nasdaq posting their eighth consecutive weekly gains as investors grew hopeful that the United States and China would hammer out an agreement resolving their protracted trade war. All three major U.S. indexes ended the session higher, and for the fourth straight session, the S&P 500 held above its 200-day moving average, a key technical level. Talks between the United States and China will resume in Washington next week, with both sides saying progress has been made toward resolving the two countries' contentious trade dispute.
The Nasdaq Composite, an index often employed as a proxy for the health of technology and internet-related stocks, was on the verge Wednesday of ending its longest bear market since 1991.
U.S. stock indexes surged higher on Friday, buoyed by growing optimism that the U.S. and China can strike a trade truce ahead of the March 1 deadline. The Dow Jones Industrial Average rose more than 400 points, closing up 1.7%, the S&P 500 rose 1.1%, while the Nasdaq Composite lagged, rising 0.6%. The Dow booked its eighth straight weekly gain, which would match the longest such streak for the period ended Nov. 3, 2017, according to FactSet data. In political news, tensions rose in Washington D.C. when President Donald Trump declared a national emergency citing a humanitarian crisis at the Southern Border. In economic news, the Empire State manufacturing index rose 4.9 points in February to 8.8 and industrial production fell 0.6% in January, the first decline in eight months.
Consider the average recommended equity exposure among the Nasdaq-oriented market timers I monitor (as measured by the Hulbert Nasdaq Newsletter Sentiment Index, or HNNSI). Today, in contrast, in the wake of a 17%-plus gain in the S&P 500 (SPX) and a 20%-plus rally in the Nasdaq (COMP) the HNNSI has risen to plus 73%. In other words, as you can see from the accompanying chart, in six weeks’ time this group of short-term stock-market timers has increased their average equity exposure by more than 140 percentage points: Away from being aggressively bearish (recommending that clients allocate three-fourths of their trading portfolios to short-selling) to being almost as aggressively bullish (now recommending that three-fourths of clients’ portfolios be long).
President Donald Trump has sent a letter to the House and Senate informing them that he has declared a national emergency. The declaration allows the secretary of defense to order units or reservists to active duty to support Department of Homeland Security activities at the southern border and to "engage in emergency construction as necessary to support the use of the Armed Forces and respond to the crisis at our southern border."
Stocks were higher as the Nasdaq today made another attempt to climb above a key price level, but leading stocks struggled to keep pace.
STOCKSTOWATCHTODAY BLOG The Dow Jones Industrial Average is still heading higher, even though President Donald Trump declared a state of emergency. Optimism over trade is overshadowing domestic politics.
Lousy industrial production data? A state of emergency? The market cares not about these things as long as China and the U.S. are still talking trade.
The Dow Jones Industrial Average held on to its early gains Friday morning, as President Donald Trump said he would declare a national emergency over security at the U.S.-Mexico border at a news conference in the Rose Garden. The president's plan sets up a potentially nasty fight between GOP and Democrats, as Trump seeks to secure further funds to build a multibillion-dollar wall along the southern border. The Dow was up 350 points, or 1.4%, at 25,786, the S&P 500 index climbed 0.9% at 2,770, while the Nasdaq Composite Index advanced 0.5% to 7,466. The White House said the president planned on allocating $8 billion in funds for a border wall. Legislation that was passed by Congress on Thursday allots about 1.4 billion for border security. The main U.S. benchmarks have been buoyant over persistent hope of a near-term tariff pact between Washington and Beijing, with weeklong talks that ended on Friday, extended to next week. Watch the news conference live.
The U.S. and China have made "important progress for the current stage" of their trade negotiations after Chinese President Xi Jinping met with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Beijing Friday, the state-run Xinhua reported. President Xi referred to the U.S.-China relationship as among the most important partnerships in the world and therefore, the two countries should maintain healthy and stable ties, according to the Chinese government's official media agency. Xi also said his country is ready to resolve its trade differences with the U.S. through cooperation and reach a deal that is acceptable to both sides. U.S. and Chinese negotiators are scheduled to meet again next week in Washington D.C. in a bid to hammer out an agreement ahead of the March 1 deadline. After the date, the U.S. has warned that it could further raise tariffs on Chinese imports although in recent days President Donald Trump has indicated that a grace period is possible if negotiations go well. U.S. stocks rallied on optimism over the bilateral talks with the S&P 500 rising 0.8% to 2,767, the Dow Jones Industrial Average gaining 1.2% to 25,752 and the Nasdaq adding 0.5% to 7,460.
The Dow Jones industrials rose about 250 points early Friday. Top marijuana stock Canopy Growth surged after its earnings results.
The preliminary University of Michigan consumer sentiment index for February rebounded, with the index rising to 95.5 from 91.2 in January, which was the worst since Nov. 2016. Economists polled by MarketWatch expected a 94 reading. "The early February gains reflect the end of the partial government shutdown as well as a more fundamental shift in consumer expectations due to the Fed's pause in raising interest rates," said Richard Curtin, the chief economist for the survey.
U.S. stock indexes on Friday rose sharply higher as investors focused on continued progress in trade negotiations between China and the U.S. in the final day of its weeklong round of discussions. The Dow Jones Industrial Average rose 280 points, or 1.1%, at 25,724, the S&P 500 index advanced by 0.8% at 2,768, while those for the Nasdaq Composite Index climbed 0.3% to 7,450. For the week, the Dow was on pace for a 2.3% rise, the S&P was set for a 2.2% advance, while the Nasdaq was set to gain 2.2%, for the five-day stretch, as of Thursday's close. U.S.-China trade talks wrapped up Friday in Beijing, with reports negotiators remained deadlocked over key issues, but were set to extend their discussions in to next week in Washington - viewed as a sign that both sides were eager to reach a deal ahead of March deadline. Markets also were responding to a flurry of early morning data: The cost of imported goods fell in January for the third straight month, down 0.5% from December, led by lower oil prices. The Empire State manufacturing index, which gauges the health of the New York State manufacturing sector rose 4.9 points in February to 8.8, above economists expectations of 7.6. U.S. industrial production fell in January for the first time in eight months, the Federal Reserve said Friday. In corporate news, shares of PepsiCo Inc. gained after snack and beverage giant issued fourth-quarter earnings and revenue that were in line with expectations. Looking ahead, the markets await a news conference at 10 a.m. Eastern Time by President Donald Trump, who is expected to declare a state of emergency over border security.
Stocks opened sharply higher Friday, as Apple and Deere reversed early losses, and China trade war and government shutdown tensions eased.