US-China trade optimism boosts all major averages
Stocks finished higher Friday, closing out the first quarter of Wall Street trading on a positive note as Treasury Secretary Steven Mnuchin tweeted an upbeat assessment of U.S.-China trade talks and a long-awaited initial public offering turned into a big success.
The day's gains sealed the best quarter for the broad-based S&P 500 in 21 years.
Mnuchin said Friday morning on Twitter that he "concluded constructive trade talks in Beijing. I look forward to welcoming China's Vice Premier Liu He to continue these important discussions in Washington next week."
U.S. Trade Representative Robert Lighthizer and Mnuchin attended a working dinner with Liu on Thursday night, shortly after their arrival in the Chinese capital.
The meetings seek to end the two countries' tariff conflict that is disrupting trade in goods from soybeans to medical equipment.
"Both teams are currently sparing no effort" on the negotiations, Chinese commerce ministry spokesman Gao Feng said Thursday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 41794.6 | -257.59 | -0.61% |
| SP500 | S&P 500 | 5712.69 | -16.11 | -0.28% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18179.984429 | -59.93 | -0.33% |
Meanwhile, shares of Lyft surged in initial trading Friday -- far above the $72 per share they had been priced at.
The ride-hailing company’s shares began trading at $87.24 apiece, a more than 20 percent jump and a level that values the company at around $24.3 billion.
CarMax and Celgene shares posted big gains, while Wells Fargo tumbled.
Health care and technology shares led gainers, and airlines also lifted averages.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYFT | LYFT INC. | 13.58 | +0.10 | +0.74% |
| KMX | CARMAX INC. | 73.06 | +0.76 | +1.05% |
| CELG | NO DATA AVAILABLE | - | - | - |
| WFC | WELLS FARGO & CO. | 63.70 | -0.98 | -1.52% |
Bond yields rose for the second consecutive day, easing investor fears about whether such securities were signaling a recession.
In Asia, major averages closed higher: Japan's Nikkei 225 added 0.82 percent, the Hang Seng rose 0.96 percent and the Shanghai Composite was up 3.20 percent.
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European bourses also gained. London's FTSE 100 added 0.30 percent, France's CAC 40 climbed 0.82 percent and Germany's DAX rose 0.87 percent.
The Associated Press contributed to this report.