Nasdaq posts record close for third straight day, scores weekly gains

US stocks rose on Friday, after a weak start as Wall Street shrugged off the concerns about the coronavirus crisis, and was lifted by the energy and tech sectors.

President Donald Trump said that the Phase-Two trade agreement with the China is currently has become a low priority, adding that two countries' relations has been severely damaged due to China’s mishandling of the coronavirus outbreak.

Trump pointed out that China could have stopped the spread of the virus before the global outbreak, but it didn't.

The World Health Organization warned that the coronavirus has not reached it peak yet and it's still spreading at a high rate, which makes it hard to be contained in many countries.

The US producer price index reading for June shrunk by 0.2%, lower than forecasts of rising by 0.4%. 

To the oil market, West Texas Intermediate crude rose 2.4% to close at $40.55 a barrel, but posted a weekly loss of 0.2, after it hit an intraday high of $40.7 and a low of $38.5.

Brent rose 2.1% to $43.24 a barrel, with weekly gains of 1%, a high of $43.3 and a low of $41.3.

As for stocks, Dow Jones jumped 1.4% or 369 points to close at 26,075, and posted a weekly gain of 1%, after it hit a day high 26,101 and a low 25,637.

Nasdaq rose 0.6% or 70 points to 10,617 points, and registered weekly gains of 4%, with a high of 10,622 and a low of 10,447.

S&P 500 rose 1% or 33 points to 3,185, and posted 1.8% gain this week, with a high of 3,186 and a low of 3,136.