Global stocks, dollar, yields climb on trade progress news
By Caroline Valetkevitch NEW YORK (Reuters) - Global stock indexes, the dollar and bond yields rose on Friday, with the S&P 500 nearing a record high as the United States said it was close to finalizing parts of a trade deal with China.
By Caroline Valetkevitch
NEW YORK (Reuters) - Global stock indexes, the dollar and bond yields rose on Friday, with the S&P 500 nearing a record high as the United States said it was close to finalizing parts of a trade deal with China.
The U.S. Trade Representative's office also said that deputy-level talks would proceed "continuously." Washington and Beijing are working to agree on the text for a "Phase 1" trade agreement announced by U.S. President Donald Trump on Oct. 11.
Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.
During the session, the S&P 500 surpassed its closing record of 3,025.86 from July 26 but ended at 3,022.55. The S&P 500's total return index <.SPXT> posted an all-time high.
For a graphic on Gold and 2 year yields:
"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," said Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management in New York. "There's not a lot of selling left out there."
Strong results from companies including Intel
The majority of U.S. companies have beaten Wall Street expectations so far this earnings season despite concern about the trade war.
The Dow Jones Industrial Average <.DJI> rose 152.53 points, or 0.57%, to 26,958.06, the S&P 500 <.SPX> gained 12.26 points, or 0.41%, to 3,022.55 and the Nasdaq Composite <.IXIC> added 57.32 points, or 0.7%, to 8,243.12.
The pan-European STOXX 600 index <.STOXX> rose 0.16% and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.27%.
The world's largest beer maker, Anheuser-Busch InBev,
The dollar index <.DXY> rose 0.2%.
Sterling was lower on the day. The European Union agreed to London's request for a Brexit deadline extension but set no new departure date. That gave Britain's divided parliament time to decide on Prime Minister Boris Johnson's call for a snap election.
In the U.S. bond market, yields rose following the trade news.
Benchmark 10-year notes
Oil prices climbed, supported by optimism on the trade front and by falling U.S. crude stocks.
For a graphic on Global currencies vs. dollar:
(Additional reporting by April Joyner in New York, Arjun Panchadar in Bengaluru and Karin Strohecker in London; Editing by Alistair Bell, Daniel Wallis and Cynthia Osterman)
This story has not been edited by Firstpost staff and is generated by auto-feed.
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