Wall Street Waves: Trade Truces and Tech Triumphs
Wall Street's key indexes remained steady with prospects for strong weekly growth, driven by a U.S.-China trade truce and declining inflation. Focus shifted towards the awaited vote on Trump's tax legislation. The week saw a rally in tech stocks, particularly Alphabet, after trade tensions eased.
Wall Street's major indexes were subdued on Friday but remained on course for robust weekly gains. This upward trend was buoyed by a newfound truce in the U.S.-China trade dispute and a cooling of inflation rates. Attention was simultaneously drawn to the pivotal vote on President Donald Trump's tax legislation.
Despite equities losing momentum after a drop in consumer sentiment, as reported by the University of Michigan, the indexes saw weekly advancements. The Dow, S&P 500, and Nasdaq all reported increased points, reflecting optimism over bilateral trade deals and U.S. economic policies.
The technology sector, led by Alphabet, emerged as a strong performer, benefiting from clearer indicators that the White House plans to ease trade pressures with Beijing. Amid these market dynamics, notable corporate actions included Charter Communications' acquisition of Cox Communications, and changes sparked by the Department of Justice's investigation into UnitedHealth.
(With inputs from agencies.)
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