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US stocks close higher amid trade optimism

US stocks close higher amid trade optimism

New York: US stocks ended higher as financial stocks outperformed and the market has built up hopes in the possibility of easing US-China trade tensions after the two sides decided to continue bilateral talks next week.

The Dow Jones Industrial Average on Friday was up 443.86 points, or 1.74 per cent, to 25,883.25. The S&P 500 increased 29.87 points, or 1.09 per cent, to 2,775.60, Xinhua reported.

The Nasdaq Composite Index rose 45.46 points, or 0.61 per cent, to 7,472.41.

A majority of blue chips in the Dow extended solid gains throughout the day, with financial stocks leading the winners. Shares of JPMorgan Chase and Goldman Sachs both rallied over 3 per cent around market close.

The financial sector also stood out among the 11 primary S&P sectors around market close, extending the biggest gains of over 2 per cent in the tally, in which all the 11 sectors turned green.

Shares of US industrial manufacturer Caterpillar and US manufacturing conglomerate 3M, both sensitive to global trade, rose 2.7 per cent and nearly 2 per cent respectively, as boosted by positive updates on trade talks between China and the US.

Adding to market concerns, US President Donald Trump declared Friday a national emergency over security on the US-Mexico border, in a bid to grab more federal funds to build a border wall.

The action would help him circumvent US Congress, which has sparked strong opposition in Washington.

On the economic front, US industrial production fell 0.6 per cent in January, which marks the first decline in eight months, the US Federal Reserve said on Friday.

Manufacturing alone sank 0.9 per cent, the worst decrease in eight months.

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