U.S. equities fluctuated, but ultimately ended the day higher on Friday as investors digested the latest trade developments. The Dow added just 6 points, while the S&P 500 gained 0.3%, with each benchmark index climbing for a fifth consecutive week, the longest such streak since February. The Nasdaq Composite added 0.5%, notching its sixth weekly advance. For the week, the Dow jumped 1.2%, the S&P 500 rose 0.9% and the Nasdaq Composite climbed 1.1%.
Trade optimism was tempered after a report this morning indicated that White House officials have not agreed to roll back any tariffs that are currently being levied against Chinese goods. On the data front, a flash reading from the University of Michigan revealed consumer sentiment rose more than anticipated in November. Investors also digested a separate report which showed wholesale inventories dropped 0.4%, more than forecasts of a 0.3% decline. Treasuries continued their recent slump with the yield on the 10-year note up three basis points to 1.94%, the highest level since August.
Eight of 11 S&P 500 sectors finished higher with the Health Care and Information Technology groups outperforming. Energy stocks led laggards despite WTI crude adding 0.4% to $57.40/barrel. In earnings, shares of Disney climbed 3.4% after the media giant topped consensus earnings estimates. Booking Holdings advanced 1.6% after the online travel company topped Wall Street earnings projections. Shares of Gap fell 7.4% after the apparel maker offered weak forward guidance and announced its CEO had resigned.
In commodities, COMEX gold lost 0.4% to $1,459.90/ounce, bringing its weekly decline to 3.4%, the largest drop since 2016.