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Stocks pare gains on partial trade deal

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Stocks pare gains on partial trade deal

Stocks pare gains on partial trade deal

U.S. stocks ended more than 1% higher Friday, but below their session highs after the announcement of a partial trade deal between the United States and China.

Fred Katayama reports.

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Stocks pare gains on partial trade deal

Stocks on Wall Street rose nearly across the board Friday.

But they ended well below their session highs after the announcement of a partial trade deal between the United States and China.

The three major indexes gained more than 1% on the day; the S&P and the Dow broke a three-week losing streak.

Kramer Capital Research chief investment officer, Hilary Kramer: SOUNDBITE: KRAMER CAPITAL RESEARCH CHIEF INVESTMENT OFFICER, HILARY KRAMER (ENGLISH) SAYING: "We were totally oversold.

We hadn't had a week like this on the S&P since the week of August 23rd.

The rally has to do with everyone just feeling like it's behind us with the China trade deal." Rally leaders included chip stocks that rely on China for a chunk of their sales such as Intel, Nvidia, and Advanced Micro Devices.

Class="kln">Apple shares leapt higher for a third straight day.

Wedbush Securities upped its price target on the iPhone maker's shares, praising the pricing of Apple's new video streaming service.

Investors also snapped up industrial stocks like

Class="kln">Caterpillar and 3M after fastener distributor Fastenal's quarterly profit beat analysts' estimates.

Earnings season starts next week with reports from big banks like JPMorgan Chase and Bank of America.



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