Investing.com – Wall Street rose on Friday as investors became optimistic about positive comments on the trade front in the US and China.
This increased by 85 points or 0.3% by 9:48 AM ET (13:48 GMT), while gaining 10 points or 0.3% and increasing by 37 points or 0.4%.
White House economic adviser Larry Kudlow said Thursday that the US and China were close to securing a trade deal. His comments come after a week of volatility after reports that the two sides had been at a disadvantage over the trade talks. Chinese media on Friday explored arguments that Chinese demand for US farm products is nowhere near the level of purchase that Washington insists on to seal a partial Phase 1
U.S. Secretary of Commerce Wilbur Ross said Friday that US and Chinese officials would hold a call later in the day, but added that the United States could still introduce tariffs on Chinese goods, which is scheduled for December 15.
"We've been here so many times where the market gets hoped up and then it gets crushed," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
"But with an election coming up next year, you will have all these things behind, so a mini deal or a trade weapon makes a lot of sense."
Applied Materials (NASDAQ 🙂 was among the top winners and rose 8% after opening as its strong fourth quarter revenue was helped by increased demand for processor chips. Grubhub (NYSE 🙂 jumped 3.8% after Shake Shack (NYSE 🙂 announced the launch of a nationwide delivery service with the company, while Nike (NYSE 🙂 rose 1.3% after upgrading its quarterly dividend. JC Penney Company (NYSE 🙂 was up 6.3% after the loss for the last quarter was less than expected, while comparable sales fell somewhat less than expected, at 6.6% compared to the expected fall of 7.7%.
Elsewhere, Aurora Cannabis (NYSE 🙂 fell 10% after reporting a 23% decline in revenue and announcing plans to slow expansion.
In commodities, the one that measures greenback against a basket of six major currencies was down 0.1% to 97,900 and slid 0.5% to $ 4646.15 per troy ounce. rose 0.3% to $ 56.93 a barrel.
Reuters contributed to this report
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