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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.
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Author: Frances Rice