US stocks closed higher on Friday, with the S&P 500 and the Dow Jones Industrial Average extending gains and the Nasdaq turning positive on reports of progress in tariff disputes between the United States and its trading partners China and Mexico.For the week, the S&P and the Dow posted weekly gains, but the Nasdaq showed a loss for the same period.
Following bleak forecasts, shares of Nvidia Corp and Applied Materials Inc fell 4.9 percent and 7.7 percent, respectively, pushing the Philadelphia SE Semiconductor index 0.7 percent lower.
Among the so-called FAANG group of momentum stocks, all but Apple Inc fell. The smartphone maker gained 2.0 percent to an all-time closing high.
The Dow Jones Industrial Average rose 110.59 points, or 0.43 percent, to 25,669.32, the S&P 500 gained 9.44 points, or 0.33 percent, to 2,850.13 and the Nasdaq Composite added 9.81 points, or 0.13 percent, to 7,816.33.
Second-quarter earnings season is approaching the finish line. Of the 467 companies in the S&P 500 that have reported, 79.2 percent have beaten consensus estimates, according to Thomson Reuters.All 11 major sectors in the S&P 500 were in positive territory.
Bucking the otherwise downbeat department store earnings trend, shares of Nordstrom Inc jumped 13.2 percent after posting better-than-expected same-store sales and raising its profit forecast.
Deere & Co’s shares rose 2.4 percent after quarterly results missed analysts’ estimates due to higher raw materials and freight costs.Chinese and US negotiators are planning talks to resolve their trade row ahead of meetings in November, the Wall Street Journal reported on Friday. Additionally, Mexico’s economy minister, Ildefonso Guajardo, said he hopes to wrap up outstanding bilateral issues on the North American Free Trade Agreement (NAFTA) by the middle of next week.
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