U.S. stocks rose sharply at the start of trade Friday as investors awaited the outcome of a second day of trade talks between the U.S. and China, with President Trump set to meet China’s Vice Premier Liu He later Friday.
How did the benchmarks perform?
The Dow Jones Industrial Average DJIA, +1.41% rose 322 points, or 1.2%, to 26,813, the S&P 500 index SPX, +1.41% advanced 35 points, or 1.2%, to reach 2,973, while Nasdaq Composite Index COMP, +1.60% gained 108 points, or 1.4%, to 8,059.
On Thursday, the Dow rose 150.66 points, or 0.6%, to 26,496.67. The S&P 500 index climbed 0.6%, or 18.73 points, to 2,938.13. The Nasdaq picked up 47.04 points, or 0.6%, to finish at 7,950.78.
For the week, the Dow is poised to rise 0.9%, while the S&P 500 and Nasdaq are on pace to post 0.7% and 1%, respectively, as of Thursday’s close.
What drove the stock market?
President Donald Trump said the first day of talks went “really well” and announced that he would be meet China’s Vice Premier Liu He later Friday. The Wall Street Journal reported that terms for a possible tentative deal could include China offering more agriculture purchases, a joint pact to deter Beijing from devaluing its currency, and, on the U.S. side, suspending planned tariffs and relaxing export bans against blacklisted Chinese telecom giant Huawei Technologies Co.
China overnight Friday set a timetable for opening its finance industries. The China Securities Regulatory Commission said Friday overseas financial service companies in futures, securities and mutual funds will be able to apply for total control of onshore ventures starting in 2020. The move came as the country speeds up its financial opening-up. China scrapped those foreign ownership limits a year earlier than originally planned, state-run media agency