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Stocks surged on Friday amid increasing hopes for a U.S.-China trade deal as equities posted another solid weekly gain.
The Dow Jones Industrials took off for the stratosphere, jumping 443.86 points, or 1.7%, to 25,883.25, as J.P. Morgan Chase and Goldman Sachs outperformed.
The S&P 500 regained 29.87 points, or 1.1%, to 2,775.60, led by the energy and industrials sectors.
The NASDAQ Composite gained 45.46 points to 7,472.41
Bank stocks powered this rise. Goldman Sachs, Morgan Stanley, J.P. Morgan Chase, Citigroup and Bank of America each advanced nearly 3% or more.
The 30-stock Dow's eight-week winning streak is its longest since the one ending Nov. 3, 2017. The NASDAQ also posted its eighth consecutive weekly gain. The S&P 500, meanwhile, closed its seventh weekly gain in eight. The indexes were all up more than 1% entering Friday's session.
On the data front Friday, industrial production for January fell 0.6%, towering over an expected increase of 0.3%. Consumer sentiment data are scheduled for release later on Friday.
Chinese President Xi Jinping said trade talks between the U.S. and China will continue next week in Washington. This comes after a U.S. trade delegation led by Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer was in Beijing this week.
China and the U.S. are trying to strike a trade deal before an early March deadline.
Prices for the benchmark 10-year U.S. Treasury slid slightly, raising yields to 2.66% from Thursday’s 2.65%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.34 to $55.75 U.S. a barrel.
Gold prices moved ahead $10.90 to $1,324.80 U.S. an ounce.
