Stocks – Wall Street Jumps as S&P focused for 10-Year Quarterly Rise

Wall Street rose on Friday using the S&P 500 set to create its best quarterly gain since September 2009.

The Dow gained 117 points, or 0.5%, by 9:40 AM ET (13:40 GMT), although the S&P 500 rose 11 points, or 0.4%, plus the tech-heavy Nasdaq composite was up 42 points, or 0.6%.

“It was a surprisingly strong quarter. People are feeling as good as these folks were at the beginning from the first quarter and that is certainly a good sign, but you can find some concerns like trade, and the inverted yield curve,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth.

Meanwhile, U.S. Treasury Secretary Steven Mnuchin declared that trade negotiations with China were on to an excellent start and officials were built with a “productive working dinner” in Beijing. Still, Larry Kudlow, the top economic advisor to President Donald Trump, warned it could still take months to seal a deal that might end the two countries’ trade war.

Banking stocks were up, with Wells Fargo (NYSE:WFC) rising 0.5% after news that CEO Tim Sloan is stepping down. JPMorgan Chase (NYSE:JPM) rose 1.2%, while Citigroup (NYSE:C) gained 1%. American Express (NYSE:AXP) was up 1% and Celgene (NASDAQ:CELG) jumped 6%.

Elsewhere, Tesla (NASDAQ:TSLA) slumped 1.1% after a decrease from J.P. Morgan, while Verizon (NYSE:VZ) lost 0.5% and DowDuPont (NYSE:DWDP) slipped 2%.

In commodities, gold futures rose 0.5% to $1,302.35 a troy ounce, while crude oil jumped 1.6% to $60.27 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, lost 0.1% to 96.688.

— Reuters brought about this report.

Tagged :