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US-STOCKS-MARKETS
S&P 500 ends Q1 with biggest quarterly gain since 2009
NEW YORK, March 30, 2019 (BSS/AFP) – Wall Street stocks surged Friday on
optimism over US-China trade talks in the final session of the first quarter,
the S&P 500’s best since 2009.
The broad-based S&P 500 ended at 2,834.40, up 0.7 percent for the session
and 13.1 percent for the quarter.
The Dow Jones Industrial Average gained 0.8 percent to 25,928.68, while
the tech-rich Nasdaq Composite Index also advanced 0.8 percent to 7,729.32.
Friday’s session was bolstered by upbeat comments from Trump
administration officials following the latest round of trade negotiations in
Beijing.
The White House reported “progress” in what it termed “candid and
constructive discussions,” saying that the next round of talks will be held
in the US capital on April 3.
Investors also greeted comments from White House economic advisor Larry
Kudlow supporting a cut in Federal Reserve interest rates.
Kudlow told Axios that he wanted the Fed to “immediately” cut interest
rates by 50 basis points.
The Fed has already signaled that it expects no interest rate hikes in
2019 in a major retreat from prior policy that has helped propel stocks this
year.
In its premiere on public markets, ride-hailing company Lyft finished at
$78.29, up 8.7 percent from its initial public offering price after the IPO
raised $2.3 billion.
Wells Fargo dropped 1.6 percent after Tim Sloan announced he was stepping
down as chief executive following criticism in Congress following lapses.
Some analysts welcomed the news, but said it added to uncertainty over the
bank’s strategy.
Celgene jumped 7.9 percent after activist fund Starboard called off its
proxy fight to block a proposed takeover of the company by Bristol-Myers
Squibb. Bristol-Myers fell 0.3 percent.
BSS/AFP/HR/0935