· U.S. stocks rose on Friday as investors looked past a poor Intel earnings report, instead focusing on a partial government shutdown solution.
President Donald Trump announced that he reached a continuing resolution deal with Congress to reopen the U.S. government. The temporary deal will fund the government for three weeks until Feb. 15.
The Dow Jones Industrial Average closed higher by 184 points, or 0.8 percent, to 24,737.20. The S&P 500 also rose nearly 1 percent, while the Nasdaq Composite moved higher as constituent Starbucks gained on strong earnings.
Additionally, two other themes added positive sentiment to Friday’s trading: Federal Reserve monetary policy and trade negotiations with China.
· The Wall Street Journal reported that the Fed is closer than expected to ending its balance sheet unwind. The Fed’s decision is a key consideration for investors as they gauge the extent to which the central bank will tighten its monetary policy.
· Treasury Secretary Steven Mnuchin projected confidence about the status trade negotiations between the U.S. and China in comments to Reuters. Mnuchin said both sides were “making a lot of progress” in the talks.
· European stocks traded higher on Friday, amid a rally among technology shares and as investors continued to monitor U.S.-China trade developments.
The pan-European Stoxx 600 index rose 0.6 percent during trade, with tech stocks and trade-sensitive sectors like autos and basic resources among the top gainers.
Reference: CNBC
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