Kudlow Remarks Send Stocks Soaring

The Dow Jones Industrial Average hit a fresh record high on Friday after White House economic advisor Larry Kudlow said China and the U.S. were getting close to reaching a trade deal.

The blue-chip index pointed higher 88.49 points to 27,870.45.

The S&P 500 jumped 8.62 points to another record, at 3,105.25

The NASDAQ vaulted 28.83 points to 8,507.85, also an all-time high.

The S&P 500 has gained 3.4%, and Dow is up 2.8%, over the past month through Thursday’s close. The NASDAQ has gained 4.1% in that time.

Trade-sensitive names such as Caterpillar, Boeing, Apple and Micron Technology all rose at least 0.5%. Gold, meanwhile, fell 0.4% to $1,467.60 per ounce as safe-haven assets pulled back broadly.

Kudlow, the National Economic Council director, said Thursday that a deal between the two nations was approaching, highlighting constructive discussions with Beijing. His comments came after multiple reports suggested both sides were at loggerheads over the terms of a phase-one trade agreement.

Investors also digested mixed data on the U.S. consumer. Retail sales grew by 0.3% in October, topping an estimate of 0.2%. However, the data also showed big-ticket purchases dropped last month.

Prices for the 10-Year U.S. Treasury lost ground, raising yields to 1.83% from Thursday’s 1.81%. Treasury prices and yields move in opposite directions

Oil prices took on 13 cents to $56.90 U.S. a barrel.

Gold prices fell $7.10 to $1,456.30 U.S. an ounce.