/S&P 500 nears record high on trade progress, upbeat Intel earnings

S&P 500 nears record high on trade progress, upbeat Intel earnings

NEW YORK (Reuters) – U.S. shares rose on Friday after Washington stated it was near finalizing components of a trade pact with Beijing and powerful quarterly outcomes from Intel Corp (INTC.O) boosted investor sentiment, sending the S&P 500 briefly over the record high shut it set three months in the past.

During the session, the benchmark index .SPX peaked at three,027.39, which surpassed its closing record of three,025.86 on July 26. It ended at three,022.55, and the S&P 500 whole return index .SPXT notched an all-time high.

U.S. shares rose early after the U.S. Trade Representative’s workplace stated deputy-level talks would proceed. President Donald Trump stated China needed “to make a deal very badly.”

Wall Street loved a powerful week, boosted by a clutch of better-than-expected third-quarter earnings experiences. The S&P 500 posted its largest weekly share achieve in seven weeks, the Nasdaq its largest in eight weeks.

“The little bit of positive trade news has pushed the market up, but it wasn’t all that negative even before this news came up,” stated Andrew Slimmon, senior portfolio supervisor at Morgan Stanley Investment Management in New York. “There’s not a lot of selling left out there.”

Intel’s quarterly report added to Friday’s upbeat sentiment. The chipmaker’s shares jumped eight.1%, their largest each day share achieve since January 2018, after the corporate beat Wall Street income and revenue estimates and raised its full-year income forecast.

The achieve in Intel helped propel the Philadelphia SE Semiconductor index .SOX to a record high.

Amazon.com Inc (AMZN.O) fell after the e-commerce big forecast income and revenue for the essential vacation quarter beneath estimates. Amazon shares ended 1.1% decrease, nicely off their session low.

“The market reaction to Amazon wasn’t as bad as people thought, which created a positive atmosphere,” stated Michael O’Rourke, chief market strategist at JonesBuying and selling in Greenwich, Connecticut.

The Dow Jones Industrial Average .DJI rose 152.53 factors, or zero.57%, to 26,958.06, the S&P 500 .SPX gained 12.26 factors, or zero.41%, to three,022.55 and the Nasdaq Composite .IXIC added 57.32 factors, or zero.7%, to eight,243.12.

For the week, the S&P 500 rose 1.2%, the Dow gained zero.7% and the Nasdaq climbed 1.9%.

Charter Communications Inc (CHTR.O) shares gained 6.2%. The cable operator’s outcomes beat forecasts, fueled by buyer progress in broadband providers.

Boeing Co (BA.N) shares dropped 1.four% after Indonesian authorities wanting into October 2018’s Lion Air crash stated the world’s largest planemaker failed to know dangers within the design of cockpit software program on its 737 MAX jet.

Shares of VF Corp (VFC.N) fell 7.three% after the attire maker reported lower-than-expected quarterly income as competitors intensified for its Vans and Timberland manufacturers.

The subsequent spherical of earnings due subsequent week contains Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Pfizer Inc (PFE.N) and Merck & Co Inc (MRK.N).

Traders work on the ground of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid

Advancing points outnumbered decliners on the NYSE by a 1.41-to-1 ratio; on Nasdaq, a 1.50-to-1 ratio favored advancers.

The S&P 500 posted 39 new 52-week highs and two new lows; the Nasdaq Composite recorded 83 new highs and 59 new lows.

Volume on U.S. exchanges was 6.29 billion shares, in comparison with the 6.46 billion common for the complete session during the last 20 buying and selling days.

Reporting by April Joyner; Additional reporting by Arjun Panchadar and Ambhini Aishwarya in Bengaluru; Editing by Anil D’Silva, Nick Zieminski and David Gregorio

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