Stocks rose on Friday after Chinese officials said China and the U.S. reached an agreement on the text of the phase one trade deal.
The Dow Jones Industrials hiked 116.48 points to open the week’s last session at 28,248.53
The S&P 500 gained 10.91 points to 3,179.48, improving on Thursday’s record close.
The NASDAQ hurtled higher 49.79 points to 8,765.11, also posting an all-time closing high.
The next step is for both sides to go through legal steps and set a time for signing the deal. Chinese officials also said tariffs would be rolled back in phases.
Friday’s move comes after various media sources reported Thursday the U.S. agreed to a so-called phase one trade deal with China in principle.
Prices for the 10-Year U.S. Treasury gained slightly, lowering yields to 1.8% from Thursday’s 1.90%. Treasury prices and yields move in opposite directions.
Oil prices gained 50 cents to $59.68 U.S. a barrel.
Gold prices 50 cents at $1,472.80 U.S. an ounce.