Stocks finished higher Friday. The Dow climbed 443 points to 25,883 while the S&P 500 gained 29 points to 2,775. The Nasdaq Composite climbed 45 points to 7,472.
The Dow and Nasdaq each notched their eighth consecutive weekly advance amid optimism on the trade front. Reports indicated the U.S. and China have made progress towards a formal memorandum, and have plans for further negotiations next week. On the data front, industrial production unexpectedly slipped 0.6% in January which follows the prior month’s downwardly revised 0.1% gain. An additional report revealed both import and export prices declined more than expected in the prior month. A preliminary reading from the University of Michigan showed consumer sentiment is increasing more than anticipated in February.
All 11 S&P 500 sectors ended higher with the Financials and Energy groups pacing gains. In earnings, PepsiCo gained 3.0% to $115.91 after the beverage maker topped analyst profit projections. Shares of NVIDIA added 1.8% to $157.34 after the chipmaker bested consensus profit projections. Newell Brands bucked the uptrend, slumping 20.1% to $17.16 after Rubbermaid’s parent company provided disappointing guidance.
Breadth was positive on issues by 5:1 on the NYSE and by 2:1 on the Nasdaq. Composite NYSE Volume was more than 3.6 billion shares.
Treasuries weakened with the yield on the 10-year note up one basis point to 2.66%. In commodities, WTI crude added 2.4% to $55.72/barrel. COMEX gold gained 0.6% to $1318.10/ounce.
For the week, the Dow jumped 3.1%, while the S&P 500 gained 2.5%. The Nasdaq advanced 2.4%, closing 20% above its December low.