The US markets ended higher on Friday as traders shrugged off the concerns about credit risk. The banks like Truist Financial (TFC), Fifth Third (FITB) and Huntington Bancshares (HBAN) have reported better than expected quarterly earnings which kept the trading sentiments upbeat. Further, markets benefited from easing concerns over trade tensions between US and China following the latest comments from US President Donald Trump. Trump said the high tariffs he has threatened on Chinese imports are probably not (sustainable). Trump also confirmed he would meet with Chinese President Xi Jinping at a summit in South Korea later this month.
Despite the strength that emerged in the broader markets, most of the major sectors ended the day showing only modest moves. Meanwhile, significant weakness has been seen in gold stocks with the NYSE Arca Gold Bugs Index plummeting by 7.4 percent after ending Thursday's trading at a record closing high.
Dow Jones Industrial Average advanced 238.37 points or 0.52 percent to 46,190.61, Nasdaq climbed 117.44 points or 0.52 percent to 22,679.97 and S&P 500 rose 34.94 points or 0.53 percent to 6,664.01.
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