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US Shares met for a second session on Friday, with the closing of the Dow Jones Industrial Average at most since February, with the optimism that the United States and China will eventually resolve their fears of commercial downside compensation on Turkey's currency crisis.
However, weak technology names, notably Tesla Inc., Nvidia Corp. and Applied Materials Inc., have limited the upside momentum of the Nasdaq.
How were the main benchmarks worth?
The Dow industrials
DJIA, + 0.43%
gained ground as the session progressed to rise 110.59 points, or 0.4%, to 25.669.32, its highest close since February 26 . For the week, rose 1.4%. The S & P 500 index
SPX, + 0.33%
rose 9.44 points, or 0.3%, to 2,850.13, up 0.6% for the week.
The Nasdaq composite
COMP, + 0.13%
added 9.81 points, or 0.1%, to 7.816.33 for a weekly decline of 0.3%. ETF iShares PHLX Semiconductor
SOXX, -0.75%
a popular index that tracks semiconductor manufacturers, fell 0.8% on the weakness of the quarterly results of Nvidia chip makers
NVDA, -4.90%
and applied materials
AMAT, -7.72%
Analysts have also noted that technology companies have the highest exposure to sales abroad.
Thursday, Dow, S & P 500 and Nasdaq Composite
COMP, + 0.13%
are all increased with the blue-chip index that records its best day since April.
Read: This uptrend market in the United States is only a few days away from the history books
What pushed the market?
Investors continue to monitor the latest developments on the trade front. Thursday was a reason for optimism because the US and China prepared to resume commercial talks next week. Officials from both countries are also working on a road map to reach a sort of agreement that will lead to a summit between President Trump and Chinese leader Xi Jinping in November, according to the Wall Street Journal.
But Turkey remained worried by the Turkish currency's decline of over 4% compared to the US dollar
USDTRY, + 3.2826%
with the dollar that buys 6,053 lire, compared to the lira 5,8246 late in New York.
While the geopolitical issues surrounding trade and Turkey are likely to remain short-term market drivers, investors are also monitoring the final lot of the second quarter results, which should neutralize some of the adverse winds from abroad .
What were the strategists
"Dealers will pay close attention to trade talks between the United States and China, as well as political disputes with Turkey: US equities are holding relatively well, but if global sentiment is fades, the impressive strength of the Dow Jones and the S & P 500 could be reset, "he said David Madden an analyst of CMC Markets UK in a note.
What titles were in focus?
Tesla Inc .
The TSLA shares, -8.93%
dropped by 8.9% after Elon Musk CEO told The New York Times that the year last he had been "atrocious" and "the most difficult and painful" of his career. [19659002] Nvidia and Applied Materials both reported profits at the end of Thursday. The decline in sales of mineral cryptocurrencies weighed on Nvidia, with shares declining by 4.9%, while weaker-than-expected guidance pushed Applied Materials' shares down 7.7%.
Nordstrom Inc.
JWN, + 13.20%
rose 13% after the retailer posted higher-than-expected earnings and increased prospects.
Agricultural Machinery Producer Deere & Co.
DE, + 2.36%
fell after publishing a downward growth forecast, but has since recovered 2 , 4%.
DSW Inc .
DSW shares, -4.85%
sold 4.9% after the stock was downgraded from neutral to Susquehanna Financial Group due to higher costs and margin pressure .
What economic data were in the spotlight?
The University of Michigan said its consumer confidence index dropped to 95.3 in August, down from 97.9 in July, the lowest level in 11 months. The economists interviewed by MarketWatch expected a reading of 98.5.
Meanwhile, the US main economic indicators increased by 0.6% in July.
Check out: MarketWatch economic calendar
What the other markets did
European stocks were mixed and the Asian markets rose all but the Shanghai composite index of China
SHCOMP, -1.34%
which closed the 1.3%, closing the week down by 4.5% and marking the lowest closing in almost two years.
Oil futures
CLU8, + 0.70%
were higher while the gold
GCZ8, + 0.66%
regulated mostly unchanged and the US dollar
DXY, -0.48%
fell 0.5%.
-Victor Reklaitis contributed to this article
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