Wall Street rises, Dow racks up seventh straight weekly gain | Reuters
By Noel Randewich Wall Street ended the week on a positive note on Friday as investors doubled down on a rally fuelled by optimism that President-elect Donald Trump's policies will boost economic growth.
By Noel Randewich
Wall Street ended the week on a positive note on Friday as investors doubled down on a rally fuelled by optimism that President-elect Donald Trump's policies will boost economic growth. The Dow Jones Industrial Average, which briefly came within striking distance of the historic 20,000 level earlier this week, recorded its seventh straight weekly gain.Following a rally since the Nov. 8 U.S. election, the Dow is up about 14 percent for the year and the S&P 500 is 11 percent higher on bets that the economy will benefit from Trump's plans for deregulation and infrastructure spending.Additional gains will depend on how quickly and successfully Trump can deliver on his promises and whether he meets resistance from a U.S. Congress reluctant to widen the budget deficit, many investors believe."It's going to get tough to get over that 20,000 mark. We can do it, but it's going to take a catalyst to move investors," said Jeff Kravetz, a Phoenix-based regional investment director of the Private Client Reserve at U.S. Bank. U.S. markets are shut for the Christmas holiday on Monday.After spending much of the day with a marginal loss, the Dow .DJI ended Friday 0.07 percent higher on the day, at 19,933.81 points. The S&P 500 .SPX gained 0.13 percent to 2,263.79. The Nasdaq Composite .IXIC added 0.28 percent to 5,462.69.
For the week, the Dow rose 0.5 percent, the S&P 500 added 0.2 percent, and the Nasdaq climbed 0.5 percent.The health index .SPXHC rose 0.78 percent on Friday, boosted by a 2.6 percent gain in Allergan (AGN.N). The S&P 500 consumer discretionary index .SPLRCD slipped 0.24 percent, weighed by a 0.75 percent dip in Amazon.com (AMZN.O).
Economic data showed new single-family home sales rose to their highest level in four months in November, increasing 5.2 percent to 592,000 last month.Fred's (FRED.O) rose 4.2 percent after Alden Global Capital reported a stake of 24.8 percent in the discount store operator. Weight Watchers International (WTW.N) jumped 8.75 percent, surging for a second day after television celebrity and major shareholder Oprah Winfrey said in a new ad for the company that she lost 40 pounds. Cintas (CTAS.O) fell 3.1 percent after the uniforms supplier cut the lower end of its revenue forecast.
Synergy Pharmaceuticals (SGYP.O) jumped 21.7 percent after the drug developer said data showed its experimental treatment for irritable bowel syndrome treatment met the main goal of a late-stage clinical trial.Advancing issues outnumbered declining ones on the NYSE by a 1.48-to-1 ratio; on Nasdaq, a 2.20-to-1 ratio favored advancers.The S&P 500 posted nine new 52-week highs and one new low; the Nasdaq Composite recorded 83 new highs and 34 new lows. With many investors away for the end-of-year holidays, volume was extremely low. About 4.0 billion shares changed hands in U.S. exchanges, compared with 7.4 billion daily average over the last 20 sessions. (Additional reporting by Tanya Agrawal in Bengaluru; Editing by Meredith Mazzilli and Leslie Adler)
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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.