US equity indices rose sharply on Friday, as investors focused on the progress of China-US trade negotiations on the final day of the week-long round table discussion. The Dow Jones Industrial Average
DJIA, + 1.32%
The S & P 500 Index rose 280 points or 1.1% to 25,724
SPX, + 0.90%
rose 0.8% to 2,768, while the Nasdaq Composite Index
COMP, + 0.52%
climbed 0.3% to 7,450. For the week, the Dow was up 2.3% on tempo, the S & P had advanced to 2.2%, while the Nasdaq was expected to gain 2.2% on Thursday night over the five days. The US-China trade talks ended in Beijing on Friday, with reports boggling down negotiators on key issues. However, they should extend their talks to next week in Washington – a sign that both sides wanted to reach an agreement by March. Markets also responded to a large amount of early morning data: the cost of imported goods fell for the third consecutive month in January, falling 0.5% from December, led by lower oil prices. The Empire State Manufacturing Index, which measures the health of the manufacturing sector in New York, rose 4.9 points to 8.8 in February, outperforming economists by 7.6. US industrial output fell in January for the first time in eight months, the Federal Reserve said. In company news shares of PepsiCo Inc.
PEP, + 2.76%
After snack and beverage giants, fourth-quarter earnings and sales were in line with expectations. Looking ahead, markets are awaiting a press conference by President Donald Trump at 10 am Eastern Time, which is expected to launch a state of emergency for border security.
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