Global Stocks Rally On Trade Hopes, Dollar Has 1st Weekly Gain Of 2019

By Saudi Press Agency

World stock indexes jumped on Friday, with Wall Street posting a fourth straight week of gains, and the dollar had its first positive week since mid-December as optimism increased that an end is in sight to the U.S.-China trade conflict. Stocks were boosted by a Bloomberg report that said China sought to raise its annual goods imports from the United States by more than $1 trillion in order to reduce its trade surplus to zero by 2024.

That followed a report on Thursday that U.S. Treasury Secretary Steven Mnuchin was considering lifting some or all tariffs imposed on Chinese imports.
The Treasury denied Mnuchin had made any such recommendation. While the equity rally lifted all major sectors, trade-sensitive industrials posted among the biggest S&P 500 sector gains, up 1.9 percent on the day.

The Philadelphia SE semiconductor index rose more than 2 percent and Germany’s exporter-heavy DAX was up 2.6 percent The Dow Jones Industrial Average rose 336.25 points, or 1.38 percent, to 24,706.35, the S&P 500 gained 34.75 points, or 1.32 percent, to 2,670.71 and the Nasdaq Composite added 72.77 points, or 1.03 percent, to 7,157.23.

This article provided by NewsEdge.