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The Dow Jones Industrial Average jumped on Friday after a report said President Donald Trump and Chinese leader Xi Jinping hope to discuss U.S.-China trade in November.
The Dow hurtled skyward 110.59 points to 25,669.32, after The Wall Street Journal said U.S. and Chinese officials are working on a road map for the meeting to take place.
The S&P 500 picked up 9.44 points to 2,850.13
The NASDAQ regained 9.81 points to 7,816.33.
The Dow recorded triple-digit moves every day this week – one way and the other -- but managed to close higher for the week, along with the S&P 500.
U.S. and Chinese officials are scheduled to have "mid-level talks" in Washington next week.
Shares of Applied Materials dropped more than 7.5% after the company issued weaker--than-expected guidance for its fiscal fourth quarter.
Meanwhile, Nvidia fell 4.9% after its revenue forecast disappointed investors. These declines brought down the VanEck Vectors Semiconductor exchange-traded fund (SMH) by 0.7%
Investors were also jittery after the Turkish lira resumed its steep decline amid the possibility of more U.S. sanctions. The U.S. warned Turkey it would impose more sanctions on the country if American pastor Andrew Brunson is not released. Brunson has been detained in Turkey since 2016. The threats sent the Turkish lira — which hit a record low against the dollar earlier this week — down by about 4.4%
Prices for the benchmark for the 10-year U.S. Treasury lost ground, raising yields back to Thursday’s 2.87%. Treasury prices and yields move in opposite directions.
Oil prices recovered 40 cents at $65.86 U.S. a barrel.
Gold prices gathered $6.50 to $1,190.50 U.S. an ounce.
