U.S. stocks soared higher Friday after the Trump administration announced that it was making progress on a preliminary trade agreement with China. At its highest point in early morning trading, the S&P 500 Index increased past its July closing high of 3,025.86. Investors are optimistic that the U.S.-China trade war will soon reach its long awaited end.
Here's how the market closed out the week:
S&P 500 Index (SPY): +0.41% or 12.22 points
Dow Jones Industrial Average (DIA): +).57% or 152.53 points
NASDAQ Composite Index (QQQ): +0.70% or 57.32 points
The Office of the U.S. Trade Representative issued a statement Friday saying the Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke with China's Vice Premier Liu He to discuss the phase one deal that the Trump administration had announced earlier in the month. The statement read that "they made headway on specific issues and the two sides are close to finalizing some sections of the agreement. Discussions will go on continuously at the deputy level, and the principals will have another call in the near future."
In Stock Sector news, most sectors have maintained positive growth into the final closing of the week, but the group is still mixed due to the missed corporate earnings the week saw. The sectors on the rise include Information Technology +1.19%, Materials +1.03%, Energy +0.75%, Communication Services +0.69%, Industrials +0.63%, Financials +0.47%, and Health Care +0.28%. Those that are still on the decline include Consumer Discretionary-0.21%, Consumer Staples -0.54%, Utilities -1.10%, and Real Estate -1.32%.
In Commodity news, West Texas Intermediate keeps up its ongoing upward trend by increasing over 0.80% Friday, making the price per barrel range just below $57. Brent Crude climbed in a similar fashion, pricing the oil at just over $62, making a price change of almost 0.60%. Gold has also continued its price growth, with the metal pricing at an almost 0.20% increase; costing $1,507.40 per ounce.
As the busiest week of the earning season closes out, investors have been left with a not-so-positive picture of the state of corporations. Many companies have begun to blame the global economic slowdown and trade tensions as the cause of their underperformance, possibly leading a new way for how business is going to be conducted in the final quarter to navigate the new trade waters.