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Markets Rise, but a Streak Is Snapped for S&P 500

6-week winning streak is over
By Newser Editors and Wire Services
Posted Nov 22, 2019 3:16 PM CST
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Trader Gregory Rowe works on the floor of the New York Stock Exchange in this file photo.   (AP Photo/Richard Drew, File)

(Newser) – Stock indexes closed higher on Wall Street Friday as a week dominated by the progress in US-China trade talks—or lack thereof—came to a close. The S&P 500 rose 6 points to 3,110, the Dow rose 109 points to 27,875, and the Nasdaq rose 13 points to 8,519. The modest gains weren't enough to erase a weekly loss for the S&P 500 index, its first after six weeks of gains, per the AP. President Trump said Friday that a deal between the world’s largest economies is "potentially very close," and Chinese President Xi Jinping said Beijing is working to “try not to have a trade war."

Markets around the world have churned this week on uncertainty about whether the two sides can soon halt their trade dispute, or at least stop it from escalating. New US tariffs are set to hit Dec. 15 on many Chinese-made items on holiday shopping lists, including smartphones and laptops. Banks and companies that rely on consumer spending were among the gainers on Friday, outweighing losses in technology and real estate. Nordstrom surged 10.6% for the biggest gain in the S&P 500 after the retailer said it made a bigger profit last quarter than Wall Street expected.

(Read more stock market stories.)

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