Investing.com – Stocks surged to new records on Friday as investors cheered decent economic news and were relieved when the White House said trade negotiations with China were progressing.
The , up 0.77%, finished higher for a sixth-straight week. The , up 0.8%, enjoyed a fourth-weekly gain in a row. The rose 0.73% and finished higher for a seventh-straight week.
All three indexes, plus the Index and the , saw new intraday highs as well.
A downside to the market rally was that the relative strength indexes for the S&P 500, and Nasdaq all topped 70, a level that is a warning the market could be overbought.
A host of stocks in hit all-time intraday highs during the day, including Apple (NASDAQ:), Microsoft (NASDAQ:), paint-maker Sherwin-Williams (NYSE:), Google parent Alphabet (NASDAQ:), Applied Materials (NASDAQ:), and Walt Disney (NYSE:).
The catalysts were assurances from White House economic advisor Larry Kudlow that negotiations on a U.S.-Chinese trade deal were progressing. And the government said retail sales for October were up 0.3%, a solid, if not great showing after a decline in September. The report helped many investors put away their fears of a recession.
A downside on the economy was that industrial production fell 0.8%, its third monthly decline in a row. Most economists see that as a function of the trade fight.
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