U.S. stocks rose on Friday and were on track to end a bruising week on a positive note, bolstered by hopes of more stimulus from central banks to perk up slowing growth.
The three main Wall Street indexes extended gains after a report that Germany’s right-left coalition government would be prepared to ditch its balanced budget rule and take on new debt to counter a possible recession.
The report added to sentiment after China’s state planner said it would roll out a plan to boost disposable income this year and in 2020 to spur consumption as the economy slows.
Investors are also expecting further interest rate cuts from the Federal Reserve.
However, the three main indexes are still set to rack up their third consecutive week of losses, on worries of a recession and U.S.-China trade tensions.
At 11:22 a.m. ET, the Dow Jones Industrial Average was up 280.67 points, or 1.10%, at 25,860.06 and the S&P 500 was up 39.03 points, or 1.37%, at 2,886.63. The Nasdaq Composite was up 126.88 points, or 1.63%, at 7,893.50.
Source : Reuters