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Stocks rallied on Friday as traders grew more optimistic over the possibility of a limited trade deal between China and the U.S.
The Dow Jones Industrials hurtled skyward 429.71 points, or 1.6%, to 26,926.38
The S&P 500 improved 47.91 points, or 1.6%, to 2,985.76. The S&P 500 was headed for its biggest one-day gain since Aug. 8, when it rallied 1.9%. The gains put the Dow and S&P 500 on track to snap a three-week losing streak.
The NASDAQ Composite leaped 144.86 points, or 1.8%, to 8,095.68
Big tech shares such as Facebook, Amazon and Google-parent Alphabet all gained more than 1%. Bank stocks also gained steam as Bank of America and J.P. Morgan Chase rose more than 2.8% each. Apple jumped 2% and hit an all-time high.
Chipmakers rose broadly. Micron Technology gained more than 2% along with Xilinx, up 4.2%,
On the data front, the University of Michigan’s consumer sentiment index came in at 96 for October, topping a Dow Jones estimate of 92.
President Donald Trump told reporters on Thursday that talks between the two countries were going "really well." His comments came after he tweeted that he would meet with Chinese Vice Premier Liu He at the White House on Friday. The meeting is scheduled to take place at 2:45 p.m. ET.
Trump also tweeted on Friday that "good things" were happening during the talks with "warmer feelings than in recent past."
Prices for the benchmark 10-year U.S. Treasury lost much ground, raising yields to 1.74% from Thursday’s 1.67%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.02 to $54.57 U.S. a barrel.
Gold prices dropped $17.60 to $1,483.30 U.S. an ounce.
