US stocks end higher on global trade hopes

Published: May 11, 2019 10:31:56 | Updated: May 13, 2019 14:35:37

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US stocks closed higher on Friday, recovering all their early losses, as investors kept themselves informed of latest updates regarding global trade.

The Dow Jones Industrial Average increased 114.01 points, or 0.44 per cent, to 25,942.37. The S&P 500 rose 10.68 points, or 0.37 per cent, to 2,881.40.

The Nasdaq Composite Index was up 6.35 points, or 0.08 percent, to 7,916.94.

Ten of the 11 primary S&P 500 sectors traded higher around market close, with the utilities sector up more than 1.7 per cent, leading the gainers, reports Xinhua.

Share of Uber fell 7.62 per cent, amid much market attention to the first trading day of US ride-sharing service provider, which went public on the New York Stock Exchange on Friday.

Uber priced its initial public offering at 45 US dollars per share, the low end of its targeted range. If fully diluted, it will have a market valuation of 82.4 billion dollars.

Shares of Marriott International declined nearly 2.8 per cent, after the hotel giant posted first-quarter revenue that fell short of market estimates.

Shares of Ford rose nearly 1.8 per cent, after Bank of America Merrill Lynch upgraded the company's stock to "buy" from "neutral."

The bank said in a note that the automobile giant has started "a more sustainable inflection in earnings" propelled by a favourable product cadence and restructuring efforts.

On the economic front, US consumer price index rose 0.3 percent in April, down from the 0.4 per cent growth in March, said the US Bureau of Labor Statistics on Friday.

April's growth came as the gasoline index continued to pick up, rising 5.7 per cent and accounting for over two-thirds of the all items monthly increase.

The energy index also rose, while the food index fell for the first month since June 2017.

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