In another record-setting day for Wall Street, the Dow climbed above 28,000 for the first time in history Friday, powered by health care and technology stocks and positive commentary on U.S.-China trade talks.
All three major indexes reached new record highs.
The Dow gained 222.93 points, or 0.80%, to close at 28,004.89. The S&P 500 jumped 0.77% to end the day at 3,120.46. The Nasdaq Composite advanced 0.73% to 8,540.83.
The gains capped a week of slight, if milestone-setting moves in the market as investors mostly shrugged off published reports suggesting that trade talks between the U.S. and China have hit a snag.
U.S. officials gave a rosier update Friday, saying they were making progress in the latest push for a trade agreement with China.
A report showing U.S. retail sales rebounded a modest 0.3% in October after falling the previous month also helped put traders in a buying mood. J.C. Penney surged after it raised its profit forecast.
Health care stocks were big winners, led by solid gains by health insurers after the Trump administration announced a rule forcing hospitals to make public the rates they negotiate with insurers for their services.
Technology stocks also helped drive the market higher. Companies in the sector are particularly sensitive to swings in trade sentiment because many of them rely on China for sales and supply chains.
Bond prices fell, pushing yields higher, a signal that investors were shifting away from safe-play holdings.
Materials stocks and makers of household goods lagged the market.
Investors hope the world’s two biggest economies can make a deal before new and more damaging tariffs take effect next month. Beijing is pressing Washington to roll back tariffs as part of a potential deal that the nations are trying to hammer out.
On Friday, Commerce Secretary Wilbur Ross told Fox Business that it is likely a trade deal will get done, though he noted that it’s still possible a pact could unravel at the last minute as it did in when both sides got close to a deal in May.
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