(Reuters) - Wall Street’s main stock indexes closed at record levels on Friday, fueled by fresh optimism over a potential calming of U.S.-China trade tensions and by big gains in shares of healthcare companies.
The benchmark S&P 500 tallied its sixth straight week of gains, its longest such weekly streak in about two years, while the Dow breached 28,000 for the first time.
White House economic adviser Larry Kudlow said late on Thursday that the United States and China are getting close to a trade agreement, citing what he called very constructive talks with Beijing.
“Today is definitely about optimism surrounding the trade tensions,” said Jason Pride, chief investment officer of private wealth at Glenmede in Philadelphia.
The stock market has climbed recently to record highs, driven by Federal Reserve interest rate cuts, third-quarter earnings topping low expectations and signs that economic growth may be bottoming, while uncertainty over U.S.-China trade relations remains a wild card.
“It’s definitely been a big source of volatility over a fairly long period of time for the markets and stocks in general,” Pride said. “To see some sort of resolution of it would probably be a lift to investors and to equity holders because it takes away a big piece of uncertainty in many investors’, and even corporate executives’, minds.”
The Dow Jones Industrial Average .DJI rose 222.93 points, or 0.8%, to 28,004.89, the S&P 500 .SPX gained 23.83 points, or 0.77%, to 3,120.46 and the Nasdaq Composite .IXIC added 61.81 points, or 0.73%, to 8,540.83.
Ten of 11 S&P 500 sectors ended positive. Healthcare .SPXHC led the
