S&P 500 posts 5th week of gains as Wall Street hits records

Dow S&P 500 hit record closing high as US agrees to drawdown China tariffs

Dow S&P 500 hit record closing high as US agrees to drawdown China tariffs

Stocks wobbled between small gains and losses through Friday amid conflicting signals about the progress being made by negotiators in the U.S.

The S&P 500 and Dow Jones indexes closed at record highs on Thursday after China said both countries would roll back existing tariffs in phases, but a Reuters report on fierce opposition to the agreement at the White House weighed on sentiment.

Technology shares also supported the market, including Microsoft, which rose 1.2%.

Although markets had begun betting that a partial trade deal would be accompanied by a rolling-back of existing tariffs, questions remain about President Donald Trump's commitment to offering such concessions.

Tim Ghriskey, chief investment strategist at Inverness Counsel in NY, said that while the market was initially volatile because of Trump's remarks, it climbed right back.

"The president is very set in his way and the Chinese have their viewpoint too, so it seems it's going to take a bit longer for the trade deal to be nailed down". It would be the third straight week of gains for the Dow while the S&P 500 headed for its fifth straight weekly gain.

Of the 430 S&P 500 companies that have reported results so far, almost three quarters have beaten profit estimates, according to IBES data from Refinitiv.

Prices for the benchmark 10-year U.S. Treasury inched up, lowering yields to 1.91% from Thursday's 1.92%.Treasury prices and yields move in opposite directions.

Walt Disney shares climbed 4.8% after its earnings beat analysts' expectations. Trade-sensitive technology stocks dropped 0.11 per cent.

Around 7 a.m. ET, Dow Jones Industrial Average futures were unchanged but pointed to a gain of 33 points at the open. The Nasdaq Composite was up 10.05 points, or 0.12%, at 8,444.57.

Among other stocks, Gap Inc fell 6.5% after it said Chief Executive Officer Art Peck would leave the company, a surprise exit in the middle of a restructuring. The apparel retailer also slashed its full-year earnings forecast.

Energy drinks maker Monster Beverage Corp rose 3.7% after posting a better-than-expected third-quarter profit and announcing a $500 million share buyback plan.

Advancing issues outnumbered declining ones on the NYSE by a 1.07-to-1 ratio; on Nasdaq, a 1.13-to-1 ratio favored advancers.

The Nasdaq is up 1,840.04 points, or 27.7%.

The S&P index recorded 14 new 52-week highs and two new lows, while the Nasdaq recorded 37 new highs and 59 new lows.