Saturday 16 November 2019 9:28 am

Wall Street stocks rally and oil prices rise on hopes of an end to US-China trade war

The three major US stock indexes rallied on Friday on hopes that an end to the US-China trade war is near.

The S&P 500 posted its sixth straight week of gains as it finished Friday’s session 23.83 points or 0.77 per cent up at 3,120.46.

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The index is now 8 per cent up since early October and 24 per cent up for 2019. Its trading at 18 times forward earnings, or higher than a historical norm of about 15.

Both the Dow Jones and Nasdaq also followed suit on Friday as the markets bounced back on optimism coming from White House officials regarding the trade war.

Stocks had spluttered at the start of the week after US President Donald Trump dashed hopes of a trade deal being finalised.

On Friday the Dow Jones rose 222.93 points or 0.8 per cent to 28,004.89 and the Nasdaq posted gains of 0.73 per cent to finish at 8,540.83.

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Meanwhile oil prices were also boosted, gaining nearly 2 per cent.

Brent crude rose by $1.02 to settle at $63.30 per barrel at Friday’s close.