Stocks regain momentum following midweek spark.
U.S. stocks pulled ahead late Friday, as investors remained optimistic ahead of a high-profile ministerial summit at the G20 this weekend.
The large-cap S&P 500 Index (NYSEARCA:SPY) climbed 0.8% to close at 2,759.84. Utilities outperformed the market by a wide margin while communications services and energy were primary laggards.
The Dow Jones Industrial Average (NYSEARCA:DIA) advanced 192.09 points, or 0.8%, to 25,530.93.
Meanwhile, the tech-driven Nasdaq Composite Index (NYSEARCA:QQQ) settled up 0.8% at 7,330.54.
A measure of implied volatility known as the CBOE VIX (NYSERCA:VXX)was little changed in the final session of the week. The so-called “fear index” closed at 18.56 on a scale of 1-100 where 20 represents the historic average.
In data news, the Chicago purchasing managers’ index (PMI) surged unexpectedly this month, signaling strong momentum for the Midwest region. The November edition of the PMI came in at 66.4, up sharply from 58.4 in October and well above the 58.0 reading expected.
On the commodities front, oil prices fell to fresh yearly lows on Friday, as traders continued to doubt OPEC’s ability to drain the supply glut. U.S. West Texas Intermediate (WTI) futures touched a session low of $49.65 a barrel on the New York Mercantile Exchange. The futures contract settled at $51.13 a barrel, having declined 32 cents, or 0.6%. Brent crude, the international futures benchmark, reached a low of $58.25 a barrel. It later consolidated at 58.74 a barrel, down 77 cents, or 1.3%.
The Final Word: Investors can expect an active Monday session as markets react to weekend dialogue between U.S. President Donald Trump and Chinese counterpart Xi Jinping. Both leaders are scheduled to negotiate trade on Saturday.