TEHRAN, Mar 29 -Wall Street’s main indexes rose on Friday, with the S&P 500 set to post its best quarterly performance in nine and a half years, on renewed trade optimism as the latest round of U.S.-China talks ended on a positive note.
TEHRAN, Young Journalists Club (YJC) -Friday is the last trading day of the first quarter and the benchmark index has risen 12.7 percent so far, its biggest quarterly gain since September 2009.
U.S. Treasury Secretary Steven Mnuchin said he held “constructive” talks in Beijing, concluding the latest round of dialogue, which will be followed by a round in Washington next week.
Meanwhile, Chinese state news agency reported that the two sides discussed “relevant agreement documents” and made new progress on trade.
Trade-sensitive industrials rose 0.74 percent, while chipmakers, which have a large revenue exposure to China, also gained.
The Philadelphia Semiconductor Index climbed 1.30 percent, while the broader technology index rose 0.50 percent.
“It has been a surprisingly strong quarter. People are feeling much better than they were in the beginning of the first quarter and that’s a positive sign, there are still some concerns like trade and the inverted yield curve,” said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
“If you get a deal on trade, investors will start to feel better and that’s one concern that goes away, and maybe earnings will start to improve from the second quarter this year.”
Source:reuters
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