U.S. markets were sluggish on Friday’s open following disappointing economic news and ongoing trade developments on rolling back American tariffs on Chinese imports. President Trump said the U.S. hasn’t agreed to a rollback of tariffs on China as negotiations between the two continues.
Trump added that while China wants a partial reversal of tariffs, he has not agreed to roll them back yet. Despite the negative headlines, a late day rally lifted the major indexes into positive territory and fresh lifetime closing highs to end the week.
The Dow edged out a 6-point win, or 0.02%, after testing an opening high of 27,694. Fresh and resistance at 27,750-28,000 easily held with Thursday’s all-time intraday peak at 27,774.
The S&P 500 added 0.3% after trading in a 20-point range while closing at the session high of 3,093. New and lower resistance at 3,100-3,125 was challenged for the 2nd-straight session with the current all-time high at 3,097.
The Nasdaq rose 0.5% after closing on its high of 8,475, as well. Current and lower resistance at 8,500-8,550 held with the prior session all-time high at 8,483.
The Russell 2000 climbed 0.3% with the session peak falling just shy of 1,599 into the closing bell. Near-term and lower resistance at 1,600-1,615 was challenged but held for the 5th-straight session.
For the week, the Nasdaq advanced 1% for its 6th-straight weekly win while Dow was up for the 3rd-straight week after gaining 1.2%. The S&P 500 was up 0.8% to extend its winning streak to 5-straight weeks and the Russell 2000 rose 0.6%.
Healthcare and Technology were the strongest sectors on Friday after rising 0.7% and 0.6%, respectively. Energy and Utilities and were the weakest sectors after giving back 0.4%.
For the week, the best performing sectors were Financials and Industrials (4%), Energy and Technology (2.4%). Real Estate (-3.8%), Utilities (-3.5%), and Consumer Staples (-0.6%) paced sector laggards.