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Offbeat S&P 500 goes for 5-day winning streak as chip stocks rise

16:55  14 september  2018
16:55  14 september  2018 Source:   cnbc.com

Stocks close higher as tech rebound offsets trade worries

  Stocks close higher as tech rebound offsets trade worries <p>Stocks ended higher Tuesday as a rebound in tech shares offset lingering concerns over trade.</p>Load Error

a man sitting in front of a computer© Provided by CNBC Stocks traded slightly higher on Friday, led by gains in semiconductor shares.

The Dow Jones Industrial Average rose 51 points as Boeing and Goldman Sachs outperformed. The S&P 500 gained 0.1 percent, led by tech and financials. The Nasdaq Composite rose 0.2 percent.

The VanEck Vectors Semiconductor ETF (SMH) rose about half a percent as shares of Nvidia gained more than 1 percent. Nvidia shares rose after Needham hiked its price target on them, noting the company's "dominance" in machine learning gives the stock more upside. Advanced Micro Devices also rose 2.4 percent.

'Reducing US stocks to +0%': Here's why Morgan Stanley just made a major tweak to its portfolio and what it's buying instead

  'Reducing US stocks to +0%': Here's why Morgan Stanley just made a major tweak to its portfolio and what it's buying instead "We no longer recommend any US equity exposure above an investor's benchmark," said a team of equity strategists at Morgan Stanley led by Andrew Sheets.A team led by Andrew Sheets, the firm's chief cross-asset strategist, has shifted to a neutral weight on stocks amid doubt the market can extend its rally.

Financials also rose 0.6 percent as the 10-year Treasury note yield broke above 3 percent, its highest since Aug. 2. J.P. Morgan Chase and Bank of America both climbed about half a percent, while Morgan Stanley and Goldman Sachs gained 1.5 percent and 0.9 percent, respectively.

The S&P 500 was on track to post its fifth straight day of gains as well as notch solid weekly gains. Entering Friday's session, the broad index was up 1.1 percent for the week. Investors have been cheering the possibility of renewed trade talks with China and a rebound in tech shares.

"The biggest driver this week is the optimism around renewed trade talks with China," said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. "Trade has been the only thing holding this market back."

Cramer: Wall Street short-sellers are losing because they're overestimating the trade war

  Cramer: Wall Street short-sellers are losing because they're overestimating the trade war Jim Cramer says hedge fund managers are looking at the U.S.-China trade war the wrong way."Many of these fund managers are kind of paranoid. They see systemic risk all over the place where it doesn't exist," the "Mad Money" host said.

Sources familiar with these negotiations told CNBC on Wednesday that the States was in the early stages of proposing a new round of trade talks with China in the near future.

This comes after a week of turmoil between the two nations, which saw China looking to seek permission from the World Trade Organization to inflict sanctions upon the U.S., and President Donald Trump stating last week that he was "ready to go" on hitting China with an additional amount of tariffs.

Shares of Boeing and Caterpillar — considered bellwethers for global trade — were up 1.8 percent and 3 percent, respectively, this week.

Jeff Saut, chief investment strategist at Raymond James, said in a note the renewed optimism around trade signals an opportunity to invest in Chinese shares. "If there is progress on trade in the coming weeks, that should help at least partially take the anchor off Chinese stocks and improve the terrible sentiment that still exists among investors," he said.

Mark Story: Is Kentucky's window for ending Florida losing streak about to close? .
Florida, you might have heard, has beaten Kentucky in 31 football games in a row.&nbsp;Dan Mullen, the new Gators coach, went 8-1 against UK in his nine seasons (2009-17) at Mississippi State.

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