Investing.com – The Dow rose on Friday, led by the industry, on optimism that China and the United States would find a way to end their bitter trade dispute.
It rose 1.38%. It added 1.30% while it was 1.03%.
China offered to increase annual imports of US goods with a total value of more than $ 1 trillion in an attempt to reduce profits with the US, Bloomberg reported.
The news came across investor optimism that China and the United States will solve their differences in trade.
The month-long trade war is on ice until March 1
The positive optimism of trade, increased strength for the industry, which is already rising thanks to gains in the carrier JB Hunt (NASDAQ :).
JB Hunt reported fourth-quarter earnings of 81 cents a share, well below earnings expectations of $ 1.50 per share, while revenue of $ 2.32 billion was modest over estimates of $ 2.31 billion. Its shares rose 6%.
Energy names also supported the broader market and rose more than 1% based on a 3.2% rise in US oil prices. The rosy perspective on trade eased concerns about curbing the raw demand.
Second on the earnings front, VF Corporation (NYSE :)., Brand owner, including Vans and The North Face, provided compliance earnings and guidance, sending its share price more than 12% higher.
It helped ease some of the latest pain in the run-down retail, which has fallen 7% over the past year. Macy's (NYSE :), Nordstrom Inc (NYSE 🙂 and L Brands (NYSE 🙂 ended day higher.
Energy names also supported the broader market and gained more than 1% on the back of the rise in oil prices as a praise perspective on the easy concerns of the trade on curbing the raw demand.
In technology, Netflix (NASDAQ 🙂 s 4% drubbing was offset by bullish shows for other FANG stocks like Apple (NASDAQ :), Alphabet (NASDAQ 🙂 NASDAQ 🙂 and Facebook (NASDAQ 🙂 closed in green.
Shares were also backed by comments from New York Federal Reserve President John Williams.
New York Federal Reserve Bank President John Williams urged the Fed to exercise "caution, patience, and good judgment" before hiking. The comments further contributed to reducing investors' concerns that the Fed could exceed political tightening.
In other company news, Tesla (NASDAQ 🙂 fell by 13% when it said it would reduce its workforce by 7% to drive cost savings as it seeks to produce a cheaper model 3. Analysts, however, said the move was "not unreasonable" when the automaker had completed the labor-intensive of its model 3 production frame.
"We believe the workforce is not unreasonable as the company hit hiring under model 3 production ramp and has now probably completed the labor-intensive part of the cut," Baird said in a client note.
Top S & P 500 Gainers and losers today:
Pacific Gas & Electric Co. (NYSE :), VF Corp. (NYSE :), Schlumberger (NYSE 🙂 and Western Digital  (NASDAQ 🙂 were among the best S & P 500 winners for the session.
CarMax (NYSE :), Netflix (NASDAQ 🙂 and Fortinet (NASDAQ 🙂 among the worst S & P 500 practitioners of the session