US stocks climb ahead of G-20 meeting

Published: December 01, 2018 12:12:41 | Updated: December 22, 2018 11:37:40

File Photo (Collected)

US stocks climbed on Friday as President Donald Trump and President Xi Jinping of China prepared to meet and discuss trade, a meeting investors hope will start to resolve the two nations’ trade dispute.

The US market jumped this week after falling to a six-month low the week before, reports AP.

The Wall Street rally helped the market finish with a modest gain in November, but the S&P 500 is still 5.8 per cent away from the all-time high it set in late September.

Among other issues, that drop reflects investors’ pessimism that the US and China will resolve their differences without causing damage to the global economy.

The two sides have been sparring for months over issues including China’s technology policy.

Technology and health care companies made the largest gains Friday, but energy companies slipped as US crude oil fell again, briefly trading under $50 a barrel.

The price of crude oil dropped 22 per cent in November, its worst month in a decade, hurt by concerns that supplies are too ample as global economic growth slows.

Hotel operator Marriott tumbled after it announced a data breach that could affect 500 million guests.

The S&P 500 index gained 22.41 points, or 0.8 per cent, to 2,760.17. The Dow Jones Industrial Average rose 199.62 points, or 0.8 per cent, to 25,538.46.

The Nasdaq composite jumped 57.45 points, or 0.8 per cent, to 7,330.54. The Russell 2000 index of smaller-company stocks added 7.88 points, or 0.5 per cent, to 1,533.27.

Share if you like