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Wall Street rises to record high in its best week since August

Wall Street rises to record high in its best week since August


Wall Street advanced to record levels on Friday, with leading indices registering its best weekly performance since August, after solid real estate data in the United States and signs of resilience in the Chinese economy encouraged expectations of a global growth rebound.

Investor confidence improved this week after the world’s two major economies took the first step to seal a truce in their 18-month tariff dispute, by signing Phase 1 of their trade agreement.

Demand for risky assets improved after the disclosure of data that showed that China ended 2019 somewhat more firmly in economic matters, despite the fact that the activity slowed to its weakest level in almost 30 years last year.

Meanwhile, the construction of homes in the United States increased to a maximum of 13 years in December, suggesting that the recovery of the real estate market is still in progress with low mortgage rates.

“Macro data locally and abroad have been relatively positive,” said Michael James, managing director of operations at Wedbush Securities in Los Angeles. “This creates a greater sense of optimism not only seeing profits, but also guidance, which is much more important at this time for the first quarter and fiscal year 2020,” he added.

Analysts expect S&P 500 companies’ profits to fall 0.8% in the fourth quarter, but expect a 5.8% growth in the first quarter of 2020, according to IBES data from Refinitiv.

The Dow Jones Industrial Average rose 50.46 points, or 0.17%, to 29,348.10 units, while the S&P 500 advanced 12.81 points, or 0.39%, to 3,329.62 units. The Nasdaq , meanwhile, won 31.81 points, or 0.34%, at 9,388.94 units.

The three main indexes closed at record highs. In the week, the S&P 500 added 1.96%, the Dow Jones rose 1.82% and the Nasdaq registered an increase of 2.29%

Alphabet (NASDAQ: GOOGL ) Inc, Google’s parent company, climbed 2%, extending its earnings after Thursday became the fourth US firm to exceed a market value of $ 1 trillion.

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