Stocks rose on Friday, adding to this week’s strong gains, amid a report by Bloomberg News that China was set to up its purchases of U.S. farm products to comply with phase one trade deal.
The Dow Jones Industrials hiked 127.47 points, off its highs of the morning, to stop for lunch at 26,207.57.
The S&P 500 added 14.04 points to 3,129.38.
The NASDAQ grew 68.84 points to 10,011.89, on the way to its sixth consecutive gain.
The report eased concerns about U.S.-China trade relations as the two countries exchange heated rhetoric regarding the coronavirus.
Stocks tied to the reopening of the economy gained. United Airlines rose 1.7%, while Kohl’s gained 1.6%. Oil and energy stocks were among the biggest gainers, with Devon Energy jumping 3.2%.
For the week, the major averages were on pace to post their fourth weekly gains in five. The Dow and S&P 500 were each up at least 3% week to date while the NASDAQ has risen 4.7%. Those gains came after a record surge in U.S. retail sales and the Federal Reserve announcing it will buy individual corporate bonds
Prices for the 10-Year Treasury gained back lost ground, reducing yields to Thursday’s 0.71%. Treasury prices and yields move in opposite directions.
Oil prices prospered a dollar to $39.84 U.S. a barrel.
Gold prices jumped $25.60 to $1,756.70 U.S. an ounce.