BCN-07 Dow climbs for 8th straight week amid trade optimism

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BCN-07

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Dow climbs for 8th straight week amid trade optimism

NEW YORK, Feb 16, 2019 (BSS/AFP) – Wall Street stocks finished another strong
week on a positive note Friday, rising again on optimism over US-China trade
talks.

The Dow Jones Industrial Average jumped 1.7 percent to 25,883.25 to close
its eighth straight week of gains.

The broad-based S&P 500 advanced 1.1 percent to finish at 2,775.60, while
the tech-rich Nasdaq Composite Index won 0.6 percent to end at 7,472.41.

US President Donald Trump said trade negotiations with China were going
“extremely well” and again offered the possibility of extending the March 1
deadline for a sharp rise in punitive tariffs.

It was the latest positive sign on the closely-watched, high-stakes talks.

“There is a lot of optimism that a deal will be done,” said Bill Lynch on
Hinsdale Associates. “I’ll believe it when I see it but it seems that a deal
is fairly close.”

Investors also greeted Trump’s decision to sign a spending bill that averts
another government shutdown.

Meanwhile, Trump’s decision to declare a national emergency to fund a wall
along the Mexican border, which is expected to face legal challenges, is a
“side issue,” Lynch said.

Gainers in the Dow were fairly broad-based and included JPMorgan Chase,
McDonald’s, United Technologies and Verizon, all of which climbed at least
two percent.

Mattel dived 18.3 percent on disappointment with its 2019 forecast.

The toymaker projected 2019 sales to flat as it signaled that several key
product lines continue to face challenges. The “American Girl” franchise will
see lower sales in 2019 and is in a “multi-year turnaround,” according to a
company presentation.

Deere & Company fell 2.1 percent after its earnings per share lagged
analyst estimates. The company said worries about tariffs dented demand for
farm equipment.

BSS/AFP/SR/1950 HRS