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US stocks ended the week higher, with the Dow Jones Industrial Average ranking its ninth consecutive gain – the longest series of such wins in nearly 24 years – on the optimism sparked by trade talks. high level ongoing in Washington between Americans and Chinese civil servants.
The Dow Jones Industrial Average has exceeded 26,000 points for the first time since November 8. The Nasdaq Composite advanced for the ninth time in the last 10 sessions, while the broad S & P 500 index recorded a fourth consecutive weekly gain.
US and Chinese officials are reportedly drafting memoranda of understanding on key issues such as the protection of intellectual property, which will form the basis of any possible agreement.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| I: DJI | DOW JONES MEANS | 26031.81 | +181.18 | + 0.70% |
| SP500 | S & P 500 | 2792.67 | 17.79 | + 0.64% |
| I: COMP | COMPOUND INDEX NASDAQ | 7527.5449 | 67.84 | + 0.91% |
The market gains were recorded despite the fall in shares of Kraft Heinz, which revealed Thursday an investigation by the Securities and Exchange Commission on its accounting practices. The Chicago-based company cut its quarterly dividend to 40 cents and reduced the value of its key brands by $ 15 billion, causing stocks to plummet.
Other parts of this space have also declined, including General Mills, Conagra Brands and Kellogg.
The online ecommerce site Wayfair grew by almost 30% after the company's announcement of a turnover up 40.6% to reach $ 2 billion in the fourth quarter, slightly above analysts' expectations. He announced a decline in his profits of $ 1.12 per share, also better than expected by Wall Street.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| KHC | KRAFT HEINZ COMPANY | 34.95 | -13.23 | -27.46% |
| W | WAYFAIR INC. | 149.95 | +32.67 | + 27.86% |
| A | AutoNation | 37.23 | -1.15 | -3.00% |
AutoNation inventories fell after the retailer reported quarterly earnings below expectations of $ 1.10 per share. The Fort Lauderdale-based company also announced that the CEO, Mike Jackson, would step down on March 11 to assume the role of executive chairman. USAA's current president, Carl Liebert, will replace him.
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On Friday, in the Asian markets, the Shanghai Composite of China ended up reaching 1.9%, against 4.5% for the week. Hong Kong's Hang Seng finished with a gain of 0.7% and 3% for the week. The Japanese Nikkei fell 0.2%, but gained 2.5% for the week.
In Europe, the main markets ended the day up. London's FTSE added 0.2%, but fell 0.8 for the week. The German DAX rose 0.2% and 1.4% for the week, the French CAC 0.4% and 1.2% for the week.
Ken Martin of FOX Business contributed to this report.
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