Investing.com – The Dow soared Friday, led by industrials, on optimism that China and United States would find way to end their bitter trade dispute.
The rose 1.38%. The added 1.32%, while the climbed 1.03%.
China offered to boost annual imports of U.S. goods by a combined value of more than $1 trillion in a bid to cut its surplus with the U.S., Bloomberg reported.
The news stoked investor optimism that China and United States will resolve their differences on trade.
The months-long trade war is on ice until March 1, after which, in the absence of an agreement, the U.S. could raise duties on imports from China to 25% from 10%.
The positive optimism on trade, added strength to industrials, which were rising thanks to gains in trucking company JB Hunt (NASDAQ:).
JB Hunt reported fourth-quarter earnings of 81 cents a share, well below expectations for earnings of $1.50 a share, while revenue of $2.32 billion was modestly above estimates of $2.31 billion. Its shares rose 6%.
Energy names also supported the broader market, gaining more than 1% on the back of a 3.2% surge in U.S. oil prices as a rosier outlook on trade eased concerns about slowing crude demand.
Elsewhere on the earnings front, VF Corporation, owner of brands including Vans and The North Face, delivered above-consensus earnings and guidance, sending its share price more than 12% higher.
That helped ease some of the recent pain in the beaten-down retail sector, which is down 7% over the past year. Macy’s (NYSE:), Nordstrom Inc (NYSE:) and L Brands (NYSE:) ended day higher.
Energy names also supported the broader market, gaining more than 1% on the back of rising oil prices as a rosier outlook on trade eased concerns about slowing crude demand.
In tech, meanwhile, Netflix