Here’s what happened to the stock market on Friday

Here’s what happened to the stock market on Friday

Dow Jones Industrial Average rose 23 points

The Dow was up about 23.87 points or 0.08% to 28,645.26, while the S&P 500 was unchanged at 3,240.02, notching its fifth straight week of gains. The Nasdaq Composite slipped 0.17% to 9,006.62. Three major averages all hit new intraday highs in the session.

Best year since 1997?

A year-end rally in December has already ushered the U.S. equity indexes to historic levels and within reach of the market’s best calendar year in more than two decades.

The S&P 500, up already 29.3% in 2019, is inches away from reaching historic proportions. The benchmark will post its best year since 1997 with an annual gain of more than 29.6%.

Solid China data

Investors cheered data overnight that showed a solid rebound for industrial profits in China. The solid read came after the U.S. and China announced they have reached a phase one trade agreement earlier this month. The two sides are in the middle of translating and formalizing the deal. President Donald Trump said Tuesday there will ultimately be a signing ceremony with Chinese leader Xi Jinping, adding a quicker signing will happen soon.

What’s next?

Investors will monitor home sales and regional manufacturing data on Monday. Here’s what to watch next.

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