Stocks advanced Friday as investors digested more corporate earnings reports and positive developments in the U.S.-China trade negotiations. The Dow added 152 points, ending the week up 0.7%. The S&P 500 added 0.4% to gain 1.2% for the week and close within 0.5% of its all-time high. The Nasdaq Composite rose 0.7% on the day and 1.9% for the week.
Seven of 11 S&P 500 sectors finished the session in positive territory with Technology and Materials pacing gains. In corporate news, Amazon lost 1.3% after the e-commerce giant fell short of consensus earnings expectations and revealed profits declined 26% year-over-year. Intel surged 8.0% after topping Wall Street earnings estimates and raising its current quarter guidance. Shares of Verizon declined 0.4% after the communications company posted revenue figures that were in-line with analyst projections. Anheuser-Busch InBev tumbled 10.7% after the alcoholic beverage maker missed consensus profit estimates and lowered its growth outlook.
The trade front garnered investors’ attention as the U.S. and China continued deputy level negotiations. The office of U.S. Trade Representatives stated that the Washington and Beijing are close to solidifying aspects of the “phase one” trade accord. Meanwhile, overnight a report indicated Chinese officials will ask for the U.S. to abandon roughly $150 billion in proposed tariffs in exchange for increased purchases of U.S. agricultural products.
On the data front, a final update on consumer sentiment levels in October came in at 95.5, just below the preliminary reading of 96.0. Treasuries weakened as the yield on the 10-year note added four basis point to 1.80.