NEW YORK, New York - Trade talks between China and the United States, which resumed in Wsahington on Wednesday, dominated talk around the traps on Wall Street Friday, and the mood was optimistic.
All the major indices made strong gains.
People are expecting some sort of positive news on trade and tariffs with China fairly soon, Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia told Reuters Thomson Friday.
But we wont know until the end of next week, there has been a lack of specifics.
Specifics may not have been disclosed, however it is understood the parties are at the stage of drafting up heads-of-agreement in relation to aspects of a deal.
The parties have until 1 March 2019 to reach a conclusion to avoid the re-implementation of tariffs by the U.S., although President Donald Trump has indicated that deadliune could be extended.
At the close of trading Friday, the Dow Jones Industrial Average was ahead 181.18 points or 0.70% at 26,031.81.
The S&P 500 added 17.79 points or 0.64% to 2,792.67.
The Nasdaq Composite rose 67.84 points or 0.91% to 7,527.55.
The U.S. dollar was little changed although it lost ground against the Australian and New Zelaand dollars, and the Japanese yen.
Around the New York close Friday the euro was directionless at 1.1332.
The British pound hovered around 1.3051.
The Japanese yen edged up to 110.67.
The Swiss franc was little changed at 1.0003.
The Australian dollar recovered partially from its sudden drop earlier in the week. It last traded at 0.7130 around the close in New York on Friday.
The New Zealand dollar also rose sharply, to last trade at 0.6845.