US stocks rise amid trade hopes
New York: US stocks closed higher on Friday, regaining some of the ground it lost in a rout in the previous session, as Wall Street reignited hopes for de-escalation of global trade tensions.
The Dow Jones Industrial Average rose 95.22 points, or 0.37 per cent, to 25,585.69. The S&P 500 increased 3.82 points, or 0.14 per cent, to 2,826.06. The Nasdaq Composite Index climbed 8.72 points, or 0.11 per cent, to 7,637.01.
Nine of the 11 primary S&P 500 sectors ended higher, with financials and materials up 0.77 per cent and 0.50 per cent, outpacing the rest. Consumer staples declined 0.40 per cent, the worst-performing group. Utilities also struggled.
Trade bellwether Boeing stock gained 1.24 per cent, leading the advancers in the Dow. Caterpillar, another trade-sensitive stock, closed up 0.52 per cent.
On the economic front, new orders for US manufactured durable goods decreased 2.1 per cent in April to 248.4 billion dollars, following a 1.7-per cent March increase, the Department of Commerce reported Friday. Economists surveyed by MarketWatch had forecast a 2.4-per cent April decline in new orders.
US equities tumbled on Thursday amid a steep sell-off in tech and energy shares.