What happened to the stock market Friday: Street notches weekly gains

The S&P 500 posted its fifth straight weekly gain while the Dow rose for a third consecutive week. The Nasdaq, meanwhile, notched its sixth straight weekly gain. The major averages also hit record highs this week as sentiment around U.S.-China trade generally improved. Better-than-expected earnings from companies such as Disney and Qualcomm also contributed to the weekly gains. To be sure, President Donald Trump poured cold water on the trade optimism, saying has not agreed to roll back existing tariffs. Earlier in the week, multiple reports suggested China and the U.S. were ready to scrap tariffs as part of a phase-one deal.

Disney shares gained 3.76% after the company posted Thursday quarterly earnings and revenue that topped analyst expectations. Disney’s results and executive commentary also stoked enthusiasm around next week’s launch of Disney+, the company’s video-streaming service.