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Post by bot on Mar 16, 2018 20:13:43 GMT -5
U.S. stocks end higher on upbeat data; major indexes post weekly losses
U.S. stocks closed slightly higher on Friday, as a round of positive economic data overshadowed ongoing political uncertainty, though major indexes posted sharp declines for the week. Based on preliminary figures, the Dow Jones Industrial Average rose 58 points, or 0.2%, to 24,932. The S&P 500 added 4 points, or 0.1%, to 2,751, ending higher for its first day this week. The four-day losing streak the benchmark index just ended was its longest such streak since December. The Nasdaq Composite Index rose less than 1 point to 7,482. For the week, the Dow fell 1.6%, the S&P 500 fell 1.3% and the Nasdaq lost 1%. Friday's gain followed a pair of economic reports; industrial production rose 1.1% in February, its fastest pace in four months, while the University of Michigan's consumer sentiment index jumped to a 14-year high in March. That helped offset the uncertainty surrounding a potential global trade war as President Donald Trump's administration pushes for protective levies, as well as major personnel changes in the administration, including the departure of Rex Tillerson as secretary of state, and the naming of Lawrence Kudlow as the director of the National Economic Council.
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