LIVE MARKETS- Wall Street ends the week on an optimistic tone

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WALL STREET ENDS THE WEEK ON AN OPTIMISTIC TONE

Wall Street ended the week on a positive note, bouncing back enthusiastically from Thursday's sell-off with all three indexes adding more than 1% on the day, and all posting weekly gains.

Friday had gotten off to a good start with a slightly better than expected U.S. jobs report. It also helped that heavyweight Tesla TSLA.O regained some lost ground to end up 3.8%.

For the S&P 500 .SPX it was the 4th daily advance this week with Thursday's decline exacerbated by a steep slump in Tesla as a vicious public battle between its CEO Elon Musk and U.S. President Trump offset news of talks between Trump and his Chinese counterpart Xi Jinping after weeks of trade tensions.

On Friday, Trump followed up with an announcement that three of his cabinet officials, including Treasury Secretary Scott Bessent, will meet with representatives from China in London on June 9 to discuss a trade deal.

The S&P 500 closed up more than 20% from its April 8 finish, which was its lowest cycle low in the early-April tariff-induced sell off. The benchmark index, which marked its highest close since February 21, is still down 2.3% from its February 19 record closing high.

Lululemon LULU.O was the S&P 500's biggest decliner on the day, as it tumbled 19.8% for its biggest one-day drop since March 2020 after a full-year profit warning stemming from slowing demand and tariff costs.

The benchmark's biggest gainer was Palantir Technologies PLTR.O, which regained some lost ground to close up 6.5% after slipping on Wednesday and Thursday from a record high on Tuesday.

For the week, the Dow .DJI climbed 1.2%, while the S&P 500 gained 1.5%. The Nasdaq .IXIC rose 2.2%. The Russell 2000 Small Cap index .RUT outshone them all with a 3.2% advance for the week.

Here is your closing snapshot:

(Sinéad Carew, Terence Gabriel, Lewis Krauskopf)

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