S&P 500 posts biggest weekly pct gain since Sept amid data, trade optimism
By Caroline Valetkevitch NEW YORK (Reuters) - U.S.
By Caroline Valetkevitch
NEW YORK (Reuters) - U.S. stocks hit record closing highs again on Friday and the S&P 500 registered its biggest weekly percentage gain since early September after data showed a rise in consumer spending and investors continued to be optimistic about developments in the U.S.-China trade dispute.
President Donald Trump claimed progress on issues from trade to North Korea and Hong Kong after speaking with Chinese President Xi Jinping, dispelling fears of another escalation in the two countries' trade war.
The S&P 500 also hit a seventh straight intraday all-time high in its longest streak of record intraday highs since October 2017, and the Nasdaq ended with gains for an eighth session in a row.
"This time of year tends to be a tailwind for the market," said Walter Todd, chief investment officer at Greenwood Capital Associates in Greenwood, South Carolina, who helps manage about $950 million.
"There's nothing obvious between now and the end of the year that would change the direction we're headed. So it's kind of a melt-up."
The Dow Jones Industrial Average <.DJI> rose 78.13 points, or 0.28%, to 28,455.09, the S&P 500 <.SPX> gained 15.85 points, or 0.49%, to 3,221.22 and the Nasdaq Composite <.IXIC> added 37.74 points, or 0.42%, to 8,924.96.
The S&P 500 rose for a fourth straight week, gaining 1.7% for the week, its biggest weekly gain since early September.
Consumer spending, a key to U.S. economic growth and a major focus for investors, rose 0.4% in November, adding to a string of upbeat data that have helped put a damper on recession fears, which dogged markets earlier this year.
Volume on U.S. exchanges hit the highest in a year, boosted by "quadruple witching," in which investors unwind positions in futures and options contracts before their expiration. About 11.53 billion shares changed hands on Friday.
Cruise operators were among top percentage gainers in the S&P 500, led by Carnival Corp
On the flip side, shares of U.S. Steel Corp
The recent record run could make it harder for stocks to rally once the next earnings season begins, Todd said, noting that "there could be increased volatility."
Advancing issues outnumbered declining ones on the NYSE by a 1.60-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favoured advancers.
The S&P 500 posted 77 new 52-week highs and no new lows; the Nasdaq Composite recorded 199 new highs and 38 new lows.
(Reporting by Caroline Valetkevitch in New York; Additional reporting by Uday Sampath and C Nivedita in Bengaluru; Editing by Shounak Dasgupta, Leslie Adler and Sonya Hepinstall)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Kate Holton LONDON (Reuters) - The post-Brexit woes facing Scotland's fishing industry deepened on Saturday as its biggest logistics provider, DFDS Scotland, said it would halt exports to the European Union through one of its main services until at least Wednesday. Previously the company had said it would take until Monday to resume its "groupage" export service - which allows exporters to ship multiple products in a single consignment - while it tries to fix IT issues, paperwork errors and a backlog of goods. DFDS's move represents another blow for Scottish fishermen who this week warned that their businesses could become unviable after Britain shifted to a less integrated trade deal with the EU at the turn of the year
VATICAN CITY (Reuters) - Pope Francis said on Saturday he planned to be vaccinated against COVID-19 as early as next week and urged everyone to get a shot, to protect not only their own lives but those of others.
U.S. Senator urges mobile, social media providers to keep Capitol rioters' data as man seen seizing Speaker's lectern arrested
By Rich McKay (Reuters) - A man photographed carrying off the Speaker's lectern during the Capitol Hill riots was arrested late Friday, while a top Democratic lawmaker on Saturday called on mobile carriers to preserve social media content related to the riots. Dozens of people have been charged following the storming of the Capitol on Wednesday, with the FBI asking the public for help identifying participants, given the proliferation of images of the riots on the internet.