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Stocks rose on Friday as another round of trade talks between the U.S. and China wrapped up with investors increasingly more hopeful a deal will be struck.
The Dow Jones Industrials regained 114.33 points to 25,964.96, as Intel outperformed.
The S&P 500 recovered 9.47 points to 2,784.35, led by gains in the energy and tech sectors.
The NASDAQ Composite recouped 31.81 points to 7,491.52,
The Dow and NASDAQ were on pace to extend their weekly winning streaks to nine. The S&P 500 was also on track to post a weekly gain.
Intel shares rose more than 2.5% on Friday after Morgan Stanley upgraded the stock to overweight from equal weight, noting Intel could get a boost now that Bob Swan is the full-time CEO.
Citigroup rose 1% after Jefferies upgraded the stock to buy from hold, citing potential revenue growth for the company and the benefits of its growing Latin America business.
President Donald Trump is scheduled to meet with Chinese Vice Premier Liu He later on Friday. The meeting comes after a U.S. delegation met with Chinese President Xi Jinping last week.
Optimism has risen over the chances of both countries securing a deal to end their protracted trade war, but some experts say the most difficult part is yet to come as high level talks continue into Friday.
Meanwhile, trade tensions between the U.S. and Europe are increasing. The European Union is preparing to target heavy machines made by U.S. companies like Caterpillar if the U.S. slaps tariffs on cars made in the E.U.. Shares of Caterpillar dipped before the bell on the report, but traded slightly higher after the open.
Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 2.66% from Thursday’s 2.69%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 67 cents to $57.63 U.S. a barrel.
Gold prices grew $3.80 to $1,331.60 U.S. an ounce.
