Wall Street advances on trade optimism; Nvidia, Facebook lag
By April Joyner NEW YORK (Reuters) - The S&P 500 and Dow Industrials rose on Friday after President Donald Trump said the United States may not have to impose further tariffs on Chinese goods. All three indexes had been lower in early trade as an underwhelming earnings outlook from Nvidia Corp weighed on chipmaker stocks and shares of Facebook Inc extended their slide following reports critical of the company's response to Russian propaganda on its social network. U.S.
By April Joyner
NEW YORK (Reuters) - The S&P 500 and Dow Industrials rose on Friday after President Donald Trump said the United States may not have to impose further tariffs on Chinese goods.
All three indexes had been lower in early trade as an underwhelming earnings outlook from Nvidia Corp
U.S. stocks moved higher, however, after President Donald Trump said China seemed willing to make a deal on trade and that the United States may not have to impose further tariffs on the Chinese goods.
"We caught a little bit of a rally on the president's quotes on the upcoming meeting with China," said Mark Kepner, equity trader at Themis Trading in Chatham, New Jersey.
But lagging Nvidia and Facebook shares capped the Nasdaq's gains.
Nvidia tumbled 18.8 percent after the chipmaker pointed to the decline in cryptocurrency mining as the cause of its declining sales. The chipmaker's shares also weighed on the Philadelphia SE Semiconductor index <.SOX>, which declined 0.8 percent.
Facebook shares dropped 2.8 percent upon renewed concerns that the company could face regulatory scrutiny following a New York Times report on Wednesday about the company's attempts to deflect criticism.
The Dow Jones Industrial Average <.DJI> rose 163.82 points, or 0.65 percent, to 25,453.09, the S&P 500 <.SPX> gained 12.21 points, or 0.45 percent, to 2,742.41 and the Nasdaq Composite <.IXIC> added 10.08 points, or 0.14 percent, to 7,269.11.
S&P 500 energy <.SPNY> stocks rose 1.3 percent as oil prices recovered from sharp losses this week on expectations that OPEC and its allies would agree to cut output next month.
S&P 500 utility stocks also jumped, advancing 1.4 percent, as PG&E Corp
Consumer discretionary stocks, however, fell 0.4 percent. Continuing a gloomy week for retailers, shares of department store operator Nordstrom Inc
Advancing issues outnumbered declining ones on the NYSE by a 1.19-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favoured advancers.
The S&P 500 posted 26 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 22 new highs and 102 new lows.
(Reporting by April Joyner; Additional reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta and Nick Zieminski)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.