Stocks rallied on Friday along with optimism for the ongoing trade talks between the US and China, granting investors hope that the two countries might reach a truce in the year-long conflict.
The Dow Jones industrial average spiked 1.9% — or 500 points — at its intraday highs.
Here’s a look at the major indexes as of 12:55 p.m. ET on Friday:
President Trump issued an encouraging sign on Friday morning, tweeting that “good thing things are happening” during the ongoing trade talks.
“Warmer feelings than in recent past, more like the Old Days. I will be meeting with the Vice Premier today. All would like to see something significant happen!” he wrote in a tweet.
The comments come as the Chinese delegation led by Vice Premier Lie He began a second day of high-level talks with Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin in Washington, D.C.
Trump is expected to meet with China’s top trade official at 2:45 p.m. ET in the Oval Office.
The development sent shares of Apple traded about 2% higher to an all-time high and lifting its market value back above $1 trillion. Any positive progress on a US-China trade deal would be welcome news for Apple investors, as the Chinese market has become an increasingly important drive for iPhone sales.
Investors have been eagerly awaiting the this round of trade negotiations, which began on Thursday. Stocks experienced a sharp sell-off earlier in the week as tensions flared ahead of the talks.
Within the S&P 500, materials gained more than 2.4% and industrials climbed 2.2%. Financials rose 1.8%, while the tech cohort jumped 1.8%.