Dow, S&P snap three-day losing streak

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Published on March 1, 2019 - Duration: 01:37s

Dow, S&P snap three-day losing streak

The S&P 500 and Dow snapped three-day losing streaks on Friday on hopes for a U.S.-China trade agreement.

Fred Katayama reports.

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Dow, S&P snap three-day losing streak

The Dow and S&P 500 snapped their three day losing streak on the first trading day of March.

The S&P rose 7-10ths percent to close above the 2800 level.

The Nasdaq rose for the tenth straight week.

Positive economic data on Chinese manufacturing and hopes for a U.S.-China trade deal propelled investors to load up on stocks.

Nikko Asset Management chief global strategist, John Vail: SOUNDBITE: NIKKO ASSET MANAGEMENT CHIEF GLOBAL STRATEGIST, JOHN VAIL (ENGLISH) SAYING: "The news this morning in the States was pretty negative on the macro side.

Fortunately, most people think that's history and that we're had the soft patch and maybe the first quarter will be soft but that things look good going out beyond that." In China, manufacturing activity shrank at a slower pace in February.

Downbeat U.S. data capped equity gains.

Consumer confidence fell shy of expectations, and manufacturing activity dropped in February.

Consumer stocks led the rally.

Gap shares moved up.

The apparel retailer said it'll split itself into two companies, separating its better performing brand, Old Navy.

It'll also close around 230 stores.

Foot Locker shares sprinted higher.

The footwear retailer's comparable store sales rose and handily beat analysts estimates.

Tesla shares skidded.

The electric car maker warned it won't be profitable in the first quarter.

It also cut the price of its mass market sedan, the Model 3, and said it'll sell its cars only online.

Amazon shares rallied.

The Wall Street Journal reports the retail giant plans to open dozens of grocery stores in several big U.S. cities Investors also scooped up consumer stocks in Europe, where shares rose to five-month highs.

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