Stocks Gain as Tech Hardware Offsets Chip Weakness: Markets Wrap
- Trump, Xi said to hold talks in November to resolve dispute
- Turkish lira falls as pastor’s appeal fails, sanctions await
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U.S. stocks rose in light summer trading Friday on strength in technology hardware shares and optimism for a resolution in America’s trade dispute with China amid reports that President Donald Trump and Chinese President Xi Jinping will meet in November in an attempt to end the roadblock. Crude climbed to just below $66 a barrel, the dollar fell and Treasuries were stable.
All major equity benchmarks surged following the U.S.-China news. The S&P 500 Index erased an earlier decline and notched its sixth weekly advance in the last seven weeks. Department store chain Nordstrom Inc. was the best performing company in the benchmark as investors responded to its strong second-quarter results and healthy profit outlook for the year.