US stocks rise amid trade hopes

New York: US stocks closed higher on Friday, regaining some of the ground it lost in a rout in the previous session, as Wall Street reignited hopes for a de-escalation of global trade tensions.

The Dow Jones Industrial Average rose 95.22 points, or 0.37 percent, to 25,585.69. The S&P 500 increased 3.82 points, or 0.14 percent, to 2,826.06. The Nasdaq Composite Index climbed 8.72 points, or 0.11 percent, to 7,637.01.

Nine of the 11 primary S&P 500 sectors ended higher, with financials and materials up 0.77 percent and 0.50 percent, outpacing the rest. Consumer staples declined 0.40 percent, the worst-performing group. Utilities also struggled.

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Trade bellwether Boeing stock gained 1.24 percent, leading the advances in the Dow. Caterpillar, another trade-sensitive stock, closed up 0.52 percent.

On the economic front, new orders for the US manufactured durable goods decreased 2.1 percent in April to 248.4 billion dollars, following a 1.7-per cent March increase, the Department of Commerce reported Friday. Economists surveyed by MarketWatch had forecast a 2.4-per cent April decline in new orders.

US equities tumbled on Thursday amid a steep sell-off in tech and energy shares.


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