US stocks record steady gains for week

The US stocks edged higher on Friday. The major averages all moved to the upside, regaining ground following the downturn seen in the previous session. The major averages ended the day off their highs of the session but still firmly in positive territory. The Dow rose 238.37 points or 0.5 percent to 46,190.61, the Nasdaq soared117.44 points or 0.5 percent to 22,679.97 and the S&P 500 added 34.94 points or 0.5 percent to 6,664.01. The major averages posted strong gains for the week. The Nasdaq spiked by 2.1 percent, while the S&P 500 and the Dow jumped by 1.7 percent and 1.6 percent, respectively. The US stocks had eased on Thursday as the concerns about some bad loans hurt the banking sector stocks. Overall mood in equities remains cautious as the US President Donald Trump is set to meet with Chinese President Xi Jinping at a summit in South Korea later this month. Gold stocks stayed in focus with the NYSE Arca Gold Bugs Index plummeting by 7.4% after ending Thursday's trading at a record closing high.

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