U.S. stocks rally amid hopes for trade deals

World
Europe

U.S. stocks gained on Friday as market sentiment was boosted by new hopes for some trade deals between Washington and its key trading partners during the Group of 20 (G20) summit in Argentina.

The Dow Jones Industrial Average jumped by 199.62 points, or 0.79 percent, to 25,538.46. The S&P 500 was up 22.40 points, or 0.82 percent, to 2,760.16. The Nasdaq Composite Index rose by 57.45 points, or 0.79 percent, to 7,330.54.

Trade-sensitive stock Caterpillar advanced by about 4.2 percent at the close, leading the gainers in the Dow. Shares of Goldman Sachs pulled back by 2.1 percent, among the biggest laggards in the 30-stock index.

Ten of the 11 primary S&P 500 sectors closed higher, with utilities and health up 1.54 percent and 1.08 percent, respectively, leading the advancers. Energy dropped by 0.24 percent, the only decliner among the sectors. Technology climbed by 1.06 percent, underpinning the tech-heavy Nasdaq.

World leaders are expected to discuss infrastructure, development and investment at this weekend's G20 summit in Argentina. Trade issues between Washington and its key trading partners are also scheduled to be discussed.

Investors are eagerly watching the trade talks since they may impact the global economy and corporate earnings, analysts noted.

Source(s): Xinhua News Agency