The US Markets ended higher on Friday following report that President Donald Trump has said a trade agreement with China is very close and that the two economic superpowers have a very good chance to make a deal. Earlier, President Xi had injected some measure of hope into a market that has grown more uncertain about a partial US-China trade deal materializing. Xi said ‘we want to work for a Phase 1 agreement on the basis of mutual respect and equality.’ he was quoted as saying, during a forum in Beijing attended by a delegation of foreigners. China’s chief trade negotiator Liu He remained optimistic about striking a trade deal and invited his US counterparts for more talks.
On the economic data front, with consumers more optimistic about the future than previously estimated, the University of Michigan released a report showing a much bigger than expected upward revision to its reading on US consumer sentiment in the month of November. The report said the consumer sentiment index for November was upwardly revised to 96.8 from the preliminary reading of 95.7. The revised reading is well above the final October reading of 95.5. The stronger than previously estimated improvement in consumer sentiment came as the index of consumer expectations for November was upwardly revised to 87.3 from 85.9. The index came in at 84.2 in October. The current economic conditions index was also upwardly revised to 111.6 from 110.9 but is still down from 113.2 in the previous month.
Dow Jones Industrial Average gained 109.33 points or 0.39 percent to 27875.62, Nasdaq rose 13.67 points or 0.16 percent to 8519.88 and S&P 500 was up by 6.75 points or 0.22 percent to 3110.29.
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