Stocks continue to rally on Friday following a Bloomberg report that the U.S. and China have reached a partial trade deal that will likely pave the way for a broader and more comprehensive deal in the future. As part of the reported deal, China would agree to purchase some agricultural exports and the U.S. will lesson tariff pressures.
Here's how the U.S. stock market closed after another volatile week:
Dow Jones Industrial Average (DIA): +1.21% or 319.92 points
S&P 500 Index (SPY):+1.09% or 32.14 points
NASDAQ Composite Index (QQQ): +1.34% or 106.26 points
The U.S. and China trade deal is not yet a deal, for President Donald Trump and Chinese Premier Liu He have not concluded their meeting at the time of this report. Trump had today White House reporters yesterday that "we just completed a negotiation with China, we're doing very well."
Because of the heightened optimism around trade, stocks soared today. Shares of Apple
In sector news, all 11 sectors saw gains today due to the market rally. The top climbers include: Industrials +2.68%, Materials +2.51%, Information Technology +2.26%, Financials +2.07%, Energy +2.00%. It's important to note that these stock sectors have been highly violate this past year due to the trade climate.
In commodity news, crude oil prices increased late Thursday after an Iranian oil tanker was hit by two missiles from Saudi Arabia's coast. Since the incident, Brent Crude is priced around $60 per barrel and West Texas Intermediate is sitting around $55 per barrel. The price of gold is down today, with the precious metal pricing around $1,483 and continuing to drop.
With a tentative trade deal on the table, it seems that the U.S. and China are moving in a positive direction. Moving forward into Monday, the next market summary will follow the aftermath of Trump and He's Friday meeting.