Stocks ended mostly higher on Wall Street on Thursday, extending the market’s gains to a fourth straight day.
Technology companies were at the head of the pack again, pushing the Nasdaq composite’s weekly gain to 4.6%. Twitter and Coach brand owner Tapestry rose sharply after reporting strong results.
The S&P 500 rose 11 points, or 0.3%, to 3,345, another record high. The Dow Jones Industrial Average rose 88 points, or 0.3%, to 29,379 and the Nasdaq climbed 63 points, or 0.7%, to 9,572. Bond prices rose, sending yields lower. The yield on the 10-year Treasury note slipped to 1.64%.
News that China has cut tariffs on $75 billion of U.S. imports, including pork, soybeans and auto parts, as part of a previously signed “Phase 1” trade agreement with Washington also helped put traders in a buying mood. The reductions follow U.S. tariff cuts last month on Chinese goods.
Beijing is also promising tax cuts and other help to businesses in a bid to offset the economic blow from the virus outbreak that has put the world’s second-largest economy on lockdown. Companies continue to warn of an expected impact to revenue and profit, though the extent of the damage for many remains unclear.
Worries about the potential global economic fallout from the outbreak spurred a mid-January slump for U.S. stocks. Investors appear to have set aside those concerns this week, focusing instead on encouraging U.S. economic data and company earnings reports.
Information technology consulting firm Cognizant led the gainers in the technology sector, vaulting 9.2%.
The communication services sector also accounted for a big share of the market’s gains, led by Twitter. Household goods companies and industrial stocks also rose. Those gains outweighed losses in energy stocks, financial companies and other sectors.