S&P 500 rises as benchmark heads for big weekly gain: Live updates

The S&P 500 rose Friday and headed for a sharp weekly gain, as investors looked past the release of disappointing consumer sentiment data and persistent inflation worry.

The broad market index climbed 0.4%, while the Nasdaq Composite gained 0.2%. The Dow Jones Industrial Average gained 243 points, or 0.5%.

For the week, the S&P 500 is up 5%, and the Dow has gained 3%. The Nasdaq Composite has jumped more than 6% this week. A higher close on Friday would also mark a five-day winning streak for the S&P 500.

“We believe we are entering a new market regime where volatility will be higher and the mega-cap tech stocks will not simply dominate market performance,” said Scott Welch, chief investment officer at Certuity. “We are not bearish on them, just believe diversification is a smart move right now.”

Stocks have made a strong comeback since U.S. and Chinese officials earlier this week agreed on a 90-day truce in their tariff measures, which eased investors’ fears of escalating global trade tensions and rising risk to the economy.

Wall Street is also hoping that there will be more clarity on the trade front in the weeks ahead. President Donald Trump said Friday that his administration will send letters to many countries detailing new tariff rates, possibly over the next two to three weeks. Those letters would take the place of trade negotiations with countries where the U.S. doesn’t have time to meet.

The major averages on Friday pared gains after the University of Michigan’s consumer sentiment index came in at its second-lowest level on record. Consumers also see prices rising 7.3% over the next year, up from 6.5% last month.