ZCZC
BCN-08
US-STOCKS-MARKETS
Dow closes higher, posting longest weekly winning streak in 24 years
NEW YORK, Feb 23, 2019 (BSS/AFP) – Optimism over a US-China trade deal
lifted the Dow Jones Industrial Average on Friday, marking the longest weekly
winning streak for the index in almost 24 years.
Finishing up for the ninth week in a row, the blue-chip Dow added 0.7
percent on the day to close at 26,032.15, its highest level since November 8.
The broader S&P 500 gained 0.6 percent to settle at 2,792.68 and the tech-
heavy Nasdaq rose 0.9 percent, closing at 7,527.54, up for the eighth week in
a row.
In Washington, President Donald Trump hailed progress toward resolving a
seven-month-old US-China trade war, which has knocked global markets
sideways.
Despite the Dow’s progress since December — when the Federal Reserve all
but announced a halt to its interest rate hikes — the benchmark index is
still below where it was in mid-January of last year.
“Markets are responding to what seems like meaningful progress on the
trade dispute between us and China and given the president remarks this
afternoon it looks like a deal is very close,” Alan Skrainka of Cornerstone
Wealth Management told AFP.
Shares exposed to trade with China rose: Boeing, which depends on the
Asian giant for much of its aircraft sales, jumped 12.6 percent but
construction equipment manufacturer Caterpillar fell 0.1 percent.
Meanwhile, Kraft Heinz nosedived 27.4 percent, a day after reporting a
quarterly loss, a $15 billion write-down and disclosing that US securities
regulators were investigating the company’s procurement procedures.
BSS/AFP/HR/0945