Stocks Ended Higher and Posted Weekly Gains

U.S. stocks ended higher on Friday and posted weekly gains as optimism for U.S.-China trade progress sparked investors’ risk appetites. The Dow Jones Industrial Average jumped 336.25 points, or 1.38%, to 24,706.35. The S&P 500 advanced 34.75 points, or 1.32%, to 2,670.71. The Nasdaq Composite gained 72.76 points, or 1.03%, to 7,157.23. For the week, the Dow was up 3%, the S&P was up 2.9% and the Nasdaq was up 2.7%.

Oil prices climbed Friday to post a third weekly gain in a row. West Texas Intermediate crude for February delivery rose $1.73, or 3.3%, to settle at $53.80 a barrel and ended the week 4.3% higher. March Brent crude rose $1.52, or 2.5%, to $62.70 a barrel and settled 3.7% higher.

The preliminary reading for the University of Michigan’s consumer sentiment index in January declined to the lowest level since President Donald Trump was elected. The headline index registered at 90.7 in January, falling sharply below consensus estimates of 96.8, according to Bloomberg.

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