US stocks see more all-time highs on US trade deals
Wall Street is also looking ahead to a heavy earnings calendar next week. Photo: Reuters
The S&P 500 and Nasdaq finished at fresh all-time records on Friday amid optimism over US trade deals, concluding a winning week on a positive note.
Markets stayed hopeful that US President Donald Trump's trade deal with Japan this week will be followed by accords with other major trading partners, averting major tariffs due at the White House's August 1 deadline.
Investors have also greeted generally benign data that suggest the US economy is on solid ground, said Angelo Kourkafas of Edward Jones.
"That might change in the months ahead, but for now, we have an economy that is holding up," Kourkafas said.
The S&P 500 finished at 6,388, up 0.4 percent, its fifth straight closing record.
The Nasdaq rose 0.2 percent to 21,108, closing at a third straight record, while the Dow Jones climbed 0.5 percent to 44,901.
Besides trade negotiations, investors are looking ahead to a heavy earnings calendar next week, with Apple, Amazon and other large tech companies reporting results.
Those are the market's largest companies, "so any hiccups there will have an implication for the broader market," Kourkafas said.
Among individual companies, Intel dropped 8.5 percent after reporting a US$2.9 billion loss as it announced further cost-cutting initiatives. The company said it has cut about 15 percent of its workforce.
But Deckers Outdoor surged 11.4 percent after reporting better than expected results. Revenues at the footwear retailer jumped 16.9 percent to US$964.5 million. (AFP)
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