US: Wall St gains with tech; S&P 500 posts best week since November

[NEW YORK] US stocks rose on Friday, led by technology companies, as a report on progress in US-China trade talks lifted sentiment, pushing the S&P 500 to its best week since November.

Despite the mixed news recently on the trade front, many investors expect a deal will eventually happen, said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. In addition, he said,"Investors are warming up to the idea that central banks have taken a huge step backward in terms of tightening."US data showed manufacturing output fell for a second straight month in February and factory activity in New York state was weaker than expected this month.

The Dow Jones Industrial Average rose 138.93 points, or 0.54 per cent, to 25,848.87, the S&P 500 gained 14 points, or 0.50 per cent, to 2,822.48 and the Nasdaq Composite added 57.62 points, or 0.76 per cent, to 7,688.53. Photoshop maker Adobe Inc, which also reported results late Thursday, fell 4 per cent after its current-quarter revenue forecast missed analysts' estimates.

Qualcomm shares climbed 2.2 per cent after it won a legal victory against Apple Inc, with a jury in federal court in San Diego finding that Apple owes Qualcomm about US$31 million for infringing three of its patents.

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