Stocks Close Up on Signs of Progress in U.S.-China Trade Talks, Boeing Higher –

  • The Dow Jones Industrial Average closed higher Friday amid optimism the U.S. and China were making progress on a trade agreement, while Boeing  (BA)  rose on news of a faster fix to its 737 MAX 8 jets.
  • Broadcom (AVGO) posted stronger-than-expected first-quarter earnings, reiterated its 2019 revenue forecast and said it would return $12 billion to investors in dividends and buybacks this year. Shares were up 8.3%.
  • BMO Capital initiated coverage of Amgen (AMGN) with an outperform rating and $228 price target. Shares climbed nearly 1.9%. 

Wall Street Overview

Stocks ended the week on an up note Friday amid optimism the U.S. and China were making progress on a trade agreement while Boeing (BA)  rose on a report that the aircraft manufacturer will roll out a software upgrade for its 737 MAX jet in 10 days. The S&P 500 saw its best weekly gain since November.

Chinese state media reported Friday that Washington and Beijing made “concrete progress” on the text of their trade pact.


Chinese Vice Premier Liu He spoke by telephone with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer, according to the Xinhua news agency.


President Trump had said Thursday the U.S. would know where the trade agreement stood over the next three to four weeks.

Lifting sentiment also were comments from Chinese Premier Li Keqiang who addressed concerns about China’s slowdown, saying that Beijing is determined to pursue steep market reforms while cutting taxes and adding billions in stimulus in order to push an “employment first” economic strategy.

The Dow Jones Industrial Average climbed 139 points, or 0.54%, to 25,849, the S&P 500 rose 0.50% and the Nasdaq was rising 0.76%.

Boeing was up 1.5% to $378.89 following a report that that planemaker is set to roll out a software upgrade to address safety issues linked to the grounded 737 MAX series. 

France’s AFP news agency said the rollout, which will come in the next 10 days, would focus on the MAX’s automatic stall-prevention system that was linked to the Lion Air crash in Indonesia, but has not yet been proven to have caused Sunday’s Ethiopian Airlines ET 302 disaster. Reuters reported Friday, however, that the timeline for the software fix “has not changed” and will be installed “in the coming weeks.”

Adobe (ADBE)  declined after the cloud-based software company issued fiscal second-quarter guidance below analysts’ expectations. Shares were down 4% to $257.09. 


BMO Capital initiated coverage of Amgen (
AMGN) with an outperform rating and $228 price target. Shares climbed nearly 1.9% to $191.24. 
Facebook (
FB) Chief Product Officer
Chris Cox and Chris Daniels, who ran the business development team and WhatsApp, will be leaving the social media giant as CEO Mark Zuckerberg reiterated the social media giant’s new focus on being a “privacy-focused social platform.” Shares were down 2.5% to $165.98 a share. 


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