Dow ends with more than 300-point gain on report of U.S.-China 'phase one' trade agreement

Stocks posted solid gains on Friday, but came off intraday highs, after President Donald Trump said the U.S. had reached a “phase one deal” between the U.S. and China. Negotiators from both sides capped their two-day talks. The S&P 500 SPX, +1.09% finished up by 1.1% to around 2,970. The Dow Jones Industrial Average DJIA, +1.21% advanced 318 points, or 1.2%, to end around 26,815, based on preliminary numbers. The Nasdaq Composite COMP, +1.34% ended higher by 1.3% to 8,057. For the week, the S&P 500 was up 0.6%, the Dow was up 0.9%, and Nasdaq was up 0.9%. Treasury Secretary Steven Mnuchin said tariffs would not go into place next week. Earlier, the Federal Reserve had announced the central bank would buy $60 billion of Treasury bills every month at least into the second-quarter, starting from next week. In company news, shares of Apple Inc. AAPL, +2.66% rose 2.8% to close at an all-time high.

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