By Fred Imbert | CNBC News
Photo: Spencer Platt/Getty Images
The Dow Jones Industrial
Average rallied to record levels on Friday, reaching 28,000 for the
first time ever, after White House economic advisor Larry Kudlow said China and
the U.S. were getting close to reaching a trade deal.
The 30-stock average closed 222.93 points higher, or 0.7%
at 28,004.89. It took the Dow just over four months to go from 27,000 for the
first time to 28,000.
Apple is the best-performing stock in the Dow since July
11, when the index first reached 27,000. In that time, Apple shares are up more
than 30%. Intel, J.P. Morgan, United Technologies and Home Depot are some of
the stocks that have also rallied more than 10% since July 11.
The S&P 500 and Nasdaq Composite made
new all-time highs as well, climbing 0.8% to 3,120.46 and 0.7% to 8,540.83,
respectively.
Wall Street also wrapped up another week of gains.
The Dow notched its fourth week of consecutive gains,
rising 1.2% in that time. The S&P 500 advanced 0.9% for the week, posting
its sixth straight weekly gain. That’s the longest streak for the S&P 500
since 2017, when it climbed for eight straight weeks. The Nasdaq rose for a
seventh consecutive week, advancing 0.8%.
Trade-sensitive names such as Caterpillar, Boeing, Apple
and Micron Technology all rose at least 1.2% on Friday. Gold, meanwhile, fell
as safe-haven assets pulled back broadly.
…
—CNBC’s Silvia Amaro and Michael Bloom
contributed to this report.
