Wall Street on Friday traded higher as investors brace for continued trade talks between the U.S. and China. The second day of high level talks is taking place and will reach another level as US President Donald Trump will meet with China’s top trade negotiator, Liu He, in Washington, according to Bloomberg.
Among the biggest movers is Kraft Heinz, which on Thursday disclosed a Securities and Exchange Commission Opens a New Window. investigation into its accounting practices. The Chicago-based company slashed its quarterly dividend to 40 cents and wrote down the value of its key brands by $15 billion, sending shares plummeting.
Oonline e-commerce site Wayfair also surged nearly 23 percent after the firm announced revenue increased 40.6 percent to $2 billion in the fourth quarter, slightly above analyst expectations. It reported profit decline of $1.12 per share, also better than Wall Street predicted.
AutoNation’s stock declined after the retailer reported less-than-expected quarterly profits of $1.10 per share. The Fort Lauderdale-based firm also said CEO Mike Jackson will vacate the position on March 11 to serve as executive chairman. Current USAA CEO Carl Liebert will replace him.
In Asian markets on Friday, China’s Shanghai Composite ended up 1.9 percent on the day and 4.5 percent for the week. Hong Kong’s Hang Seng finished with a gain of 0.7 percent and Japan’s Nikkei slipped 0.2 percent, snapping a four days of gains.
In Europe, London’s FTSE added 0.4 percent, Germany’s DAX was also up 0.4 percent and France’s CAC added 0.3 percent.