Stocks finished higher Friday. The Dow gained 199 points to 25,538 to notch its best week since October 2016. The S&P 500 added 22 points to 2,760, while the Nasdaq Composite was up 57 points to 7,330 with both benchmarks posting their best weeks since 2011.
The major averages rallied amid investor optimism surrounding the G-20 summit. Market participants are anxiously awaiting Saturday’s proposed meeting between President Donald Trump and Chinese President Xi. For November, the Dow gained 1.7%, while the S&P 500 advanced 1.8%. The Nasdaq eked out a monthly gain of 0.3%.
Ten of 11 S&P 500 sectors closed in positive territory with Industrials, Tech and Health Care shares among the groups climbing more than 1.0%. Microsoft closed as the most valuable publically traded company in the world, with Friday’s 0.6% advance to $110.89 pushing the company’s market capitalization above Apple, which dipped 0.5% to $178.58. Elsewhere, AT&T rose 2.2% to $31.24 after announcing plans to reduce its debt burden. Energy was the sole laggard as WTI crude finished lower, tumbling 22% in November to notch its worst month in more than a decade.
Breadth was positive on issues by 7:5 on the NYSE and 6:5 on the Nasdaq. Composite NYSE volume was more than 4.5 billion shares.
Treasuries advanced with the yield on the 10-year note slipping two basis points to 3.00%, as trading volume was the lightest in three months. COMEX gold slipped 0.3% to $1,220.60/ounce amid a stronger dollar.