Stocks finished higher Friday. The Dow added 138 points to 25,848 while the S&P 500 gained 14 points to 2,822. The Nasdaq Composite climbed 57 points to 7,688 points.
The S&P 500 posted its best weekly performance since November as optimism surrounding trade negotiations boosted investor sentiment. A report from Beijing indicated that Chinese Vice Premier Liu He had positive negotiations with top U.S. trade delegates. On the data front, industrial production climbed 0.1% in February, below expectations of a 0.3% advance. A separate report showed manufacturing production declined for a second consecutive month. The softer data coupled with downbeat updates from China earlier this week strengthened Treasuries. The yield on the 10-year note fell three basis points to 2.59%, near the lowest level of 2019.
Eight of 11 S&P 500 sectors ended in positive territory with Technology stocks pacing gains. Shares of Broadcom surged 8.2% to $290.29 after the chipmaker bested analyst earnings estimates. In corporate news, Facebook lost 2.5% to $165.98 following reports two top executives have left the firm. Tesla lost 5.0% to $275.43 after the highly anticipated unveiling of its new Model Y SUV underwhelmed analysts.
Breadth was positive on issues by roughly 10:7 on the NYSE and by 4:3 on the Nasdaq. Composite NYSE volume spiked to more than 5.9 billion shares.
In commodities, NYMEX WTI crude was off 0.3% to $58.42/barrel. COMEX gold was up 0.5% to $1,301.90/ounce amid a weaker dollar. For the week, the S&P 500 climbed 1.6% while the Dow added 2.9%. The Nasdaq jumped 3.8%.