US stocks rallied Friday ahead of the holiday weekend amid renewed optimism for a resolution of the trade dispute between the US and China. Markets are closed on Monday for the Martin Luther King holiday.
The Dow Jones Industrial Average gained 1.4%, while the S&P 500 added 1.3%. The Nasdaq Composite Index lagged slightly, climbing 1%. Shares of industrial, energy and financial companies helped power the S&P 500 higher.
For the week, the Dow gained just under 3%, while the S&P 500 added 2.9% and the Nasdaq gained 2.7%.
Stocks were boosted early by positive corporate profi t report s and dovish talk from NY Fed President John Williams, who said interest rates are near "normal levels" and the Fed needs a patient approach to monetary policy.
Stocks were bolstered further by a Bloomberg News report that said China had offered to increase its imports of goods from the US over a six-year period and cut its trade surplus with the US to zero.
Crude oil prices surged Friday, helping drive the NYSE Energy Index up 1.7%. West Texas Intermediate crude for February delivery jumped 3%.
US stock markets are closed Monday in observance of the Martin Luther King Jr. holiday.
Dow Jones Industrial Average was up 336.25 points (+1.38%)
S&P 500 was up 34.75 points (+1.32%)
Nasdaq Composite Index was up 72.76 points (+1.03%)
FTSE 100 was up 1.95% to 6,968.33
Hang Seng Index was up 1.25% to 27,090.81
Shanghai China Composite Index was up 1.42% to 2,596.01
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