All of the three major U.S. stock market indexes closed with record highs Friday. Friday's boost in markets came after a note from a Trump administration official stating that a trade deal with China is close. The Dow Jones increased above 28,000 points for the first time ever, being uplifted by share gains of components UnitedHealth
Here's how the stock market closed out the week:
S&P 500 Index (SPY): +0.77% or +23.73 points
Dow Jones Industrial Average (DIA): +0.8% or +222.18 points
Nasdaq Composite Index (QQQ): +0.73% or +61.81 points
According to a report from Bloomberg, White House economic adviser Larry Kudlow told reporters late Thursday that a trade deal with China is coming soon but yet to be complete. Kudlow added that deliberations were "coming down to the short strokes," with communication occurring daily. Both countries have sent signals that they intend to reach an agreement. Despite conflict messages earlier in the week regarding trade, the U.S. markets have been soaring to new highs from stock performance.
In U.S. Economy News, retail sales rose more than expected in October, with the headline advance sales from the Commerce Department increasing 0.3%. This is up from the expected gain of 0.2% and September's 0.3% decline. This increase was led by gas sales, that increased 1.1%, and nonstore retailers increasing 0.9%.
In U.S. Stock Sectors, all but Materials, who saw a decrease of -0.07%, posted gains Friday. Those gains included Health Care +2.21%, Information Technology +0.84%, Communication Services +0.71%, Industrials +0.69%, Energy +0.67%. Real Estate +0.58%, Financials +0.45%, Utilities +0.26%, Consumer Discretionary +0.14%, and Consumer Staples +0.09%.
Finally, in Currency and Commodity News, oil prices continue to climb Friday. West Texas Intermediate (WTI) posted large gains today, with the barrel price increasing over +1.80%. Brent Crude (SC) barrel prices also grow today, with the price per barrel climbing over 1.60%. Natural Gas is also trading higher Friday, with the Henry Hub index increasing 1.25%. Gold (GLD) on the other hand took a slight drop, with prices dipping over -0.30% to cost around $1,467 per ounce. Lastly, the U.S. Dollar Index continues to decline, with the DXY Index reading a drop of around -0.15%.
