S&P 500, Nasdaq finish at record highs as stocks notch weekly gains

U.S. stocks ended slightly higher on Friday, keeping weeklong gains intact, after President Donald Trump said that he had not yet agreed to the U.S. paring back tariffs in stages as part of the so-called phase 1 trade deal. The S&P 500 closed up 0.3%. The Dow Jones Industrial Average picked up 3 points to around 27,678, based on preliminary numbers. The Nasdaq Composite finished up 0.5% to 8,475. For the week, the S&P 500 was up 0.9%, the Dow was up 1.2%, and the Nasdaq was up 1.1%. Stocks rallied on easing concerns around the possibility of a recession. The University of Michigan‘s consumer sentiment index rose to a reading of 95.7 this month from 95.5 in October. In company news, shares of Dow component Walt Disney Co. rose after the entertainment giant reported that revenues had surged from a year ago.

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