S&P 500 Posts 0.7% Weekly Gain to New Closing High, Led by Tech, Consumer Discretionary, Financials;
04:39 PM EST, 12/13/2019 (MT Newswires) -- The Standard & Poor's 500 index rose 0.7% this week to a fresh closing high as the technology, consumer-discretionary and financial sectors led a broad climb amid the announcement of a limited trade agreement between the US and China.
The market benchmark ended the week at 3,168.80, up from last week's closing level of 3,145.91 and marking the index's highest close. The S&P 500 also reached a fresh intraday high Friday at 3,182.68. It is now up 26% for the year to date.
While the index only edged up 0.01% in Friday's session amid the announcement of the deal, its gains earlier in the week had come amid hopes for an agreement to be announced ahead of a Sunday deadline in the negotiations.
The technology sector, which has a number of companies impacted by the trade battle between the US and China, had the largest percentage increase of the week, up 2.0%. The consumer-discretionary and financials sectors had the next-largest gains of the week, up 1.1% and 1.0%, respectively.
Just two sectors ended the week in the red: real estate, down 2.6%, and communication services, down 0.7%.
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