Stocks rise modestly as investors parse conflicting economic data and China trade headlines

U.S. stocks rose Friday as the major benchmarks aim for their most robust weekly gains in a month, and as investors parse optimistic headlines on U.S.-China trade developments as well as conflicting data on the U.S. economy.

What are benchmarks doing? The Dow has been weighed down this week by Boeing Inc.’s BA, +0.90% struggles related to the grounding of its 737 Max 8 and Max 9. The performance of the broader market, and tech shares in particular, were more robust after data showing that U.S. workers remain in high demand and that consumer confidence is rising.

He added that the parties may be several weeks away from a tariff agreement, but described China as “very responsible and reasonable.” Separately, U.S. Treasury Secretary Steven Mnuchin, speaking to reporters after his Senate testimony in front of a finance committee said no date had been set for a meeting between Xi and Trump to complete a deal, adding that “there’s still a lot of work to do.”

Separate from its comments on trade, China’s Li underscored weakness in the world’s second-largest economy and promised implementation of ways to boost it, including cutting interest rates and banks’ reserve requirement ratio. Job openings in the U.S. rose to 7.58 million in January, according to the Labor Department, the third-highest level on record.

Pierre Veyret, technical analyst at ActivTrades said “this risk-on sentiment was mainly built on ground of a widespread optimism following President Trump’s recent statement about a ‘very responsible and reasonable China’. The U.S. President also added he will have news on a China trade deal in the next 3-4 weeks and that could lead to an extension of this year’s rally on stocks.”

Shares of Broadcom Inc. rose 10.7% Friday morning, after the chip maker reported fiscal first-quarter earnings Thursday evening that surpassed expectations.

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