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What happened to the stock market Friday: Kudlow lifts trading hopes



The Dow Jones Industrial Average jumped 222 points

Dow gained 222.93 points, or 0.80%, to close at 28,004.89. The S&P 500 jumped 0.77% to end the day at 3,120.46. Nasdaq Composite advanced 0.73% to 8,540.83. Positive commentary on US-China trade talks drove the most important averages to fresh record highs.

Kudlow: An agreement is "getting close"

White House economic adviser Larry Kudlow said Thursday night that China and the United States were "approaching" "to sign a phase-one trade agreement. Wall Street needed to push stocks to new highs at all times on Friday, Kudlow's comments came after reports earlier this week suggested that both sides were violating some of the terms of the Phase 1

agreement, with the S&P 500 posting its sixth straight week of gains, while Nasdaq listed a seven-week victory row.

JC Penney, Applied Materials jumped earnings

Shares of JC Penney and Applied Materials jumped 6.36% and 8.95%, respectively, after the release of the latest quarterly results. had a smaller loss than expected while Applied Materials & # 39; revenue exceeded Wall Street estimates.

What's Next?

Wall Street will look for further signs of progress on the US trade front on Monday. n the market is retreating from today's record level. Resellers such as Target, Best Buy and Home Depot are among the companies that will report earnings next week. Read more here.

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