US stocks close higher amid trade optimism, data

New York, Nov 16: US stocks closed higher as investors were optimistic about the progress of US-China trade talks.

The Dow Jones Industrial Average increased 222.93 points, or 0.80 per cent, to 28,004.89. The S&P 500 rose 23.83 points, or 0.77 per cent, to 3,120.46. The Nasdaq Composite Index was up 61.81 points, or 0.73 per cent, to 8,540.83.

Trade bellwether Caterpillar and Boeing all rose more than 1 per cent at market close.

Most of the 30 blue-chip stocks in the Dow traded higher with shares of UnitedHealth Group and Johnson & Johnson up 5.30 per cent and 3.04 per cent, respectively, becoming the top two gainers.

Ten of the 11 primary S&P 500 sectors traded higher with the health care sector up 2.21 per cent, leading the gainers.

On the data front, the US Department of Commerce said on Friday retail sales increased 0.3 per cent in October, reversing a 0.3-per cent decline in September.