By Stephen Culp
NEW YORK (Reuters) - The S&P 500 and the Dow Jones Industrial average extended gains and the Nasdaq turned positive on Friday on reports of progress in talks between the United States and China and other trading partners.
Chinese and U.S. negotiators are aiming for talks to end their trade spat ahead of meetings in November, the Wall Street Journal reported on Friday. And Mexico's economy minister Ildefonso Guajardo said he hopes to conclude outstanding bilateral issues on the North American Free Trade Agreement (NAFTA) by the middle of next week.
"Any conversations we have with China to come up with a deal and any conversations we have with Mexico would be seen as a win for the U.S.," said Jeffrey Frankel, president at Stuart Frankel & Co, in New York.
For the week, the S&P and the Dow were on track to post weekly gains, but the Nasdaq appeared on track to show a loss.
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Among the so-called FAANG group of momentum stocks, all but Apple Inc
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The Dow Jones Industrial Average <.DJI> rose 134.08 points, or 0.52 percent, to 25,692.81, the S&P 500 <.SPX> gained 10.98 points, or 0.39 percent, to 2,851.67 and the Nasdaq Composite <.IXIC> added 11.39 points, or 0.15 percent, to 7,817.92.
Second-quarter earnings season nears its conclusion. Of the 467 companies in the S&P 500 that have reported, 79.2 percent have beaten consensus estimates, according to Thomson Reuters I/B/E/S.
All 11 major sectors in the S&P 500 were in positive territory.
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Advancing issues outnumbered declining ones on the NYSE by a 2.52-to-1 ratio; on Nasdaq, a 1.43-to-1 ratio favoured advancers.
The S&P 500 posted 35 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 75 new highs and 60 new lows.
(Reporting by Stephen Culp, additional reporting by Sinead Carew; Editing by Susan Thomas)
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Updated Date: Aug 18, 2018 02:05 AM