(Bloomberg) -- The S&P 500 Index hovered near its closing high amid positive signs on trade talks and as investors assessed corporate results.
Equities extended their weekly advance after the U.S. said it’s close to finalizing sections of the first phase of a trade deal with China. Technology shares led gains on Intel Corp (NASDAQ: INTC ).’s upbeat outlook while Apple Inc (NASDAQ: AAPL ). hit an all-time high. Amazon.com Inc (NASDAQ: AMZN ). pared losses as its long-term prospects offset a profit decline. The risk-on sentiment helped push Treasuries down.
Read: America Trade Fuels S&P 500 Record Run Amid Hints of Fatigue
Stock investors cheered signs of progress on negotiations between the world’s two largest economies, hoping they could ease a dispute that’s rattled global markets and weighed on growth. U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He spoke by phone on Friday. Later Friday, President Donald Trump said that “we’re doing very well with China” and “they want to make a deal very badly.”
“The news about the trade war has continued to improve,” said Michael Antonelli, managing director and market strategist at Robert W. Baird & Co. “It’s not solved, but news has been getting better. Earnings have been not as bad as people think. If this pace continues, it’s very possible earnings end up on the plus side of growth.”
More on corporate news:
- Visa Inc (NYSE: V ). issued forecasts that were better than expected.
- Verizon Communications Inc (NYSE: VZ ). exceeded Wall Street’s expectations for profit and subscriber growth.
- Juniper Networks Inc (NYSE: JNPR ). boosted its stock buyback authorization by $1 billion and reported earnings that beat estimates.
- Goodyear Tire & Rubber Co. surged as analysts said improved pricing may be a tailwind.
- Charter Communications Inc (NASDAQ: CHTR ). posted revenue that met the average analyst estimate.
These are some of the main moves in markets:
- The S&P 500 rose 0.5% to 3,024.61 at 1:14 p.m. New York time.
- The Dow Jones Industrial Average added 0.7%.
- The Nasdaq Composite Index increased 0.7%.
- The Stoxx Europe 600 Index gained 0.2%.
- The MSCI Asia Pacific Index climbed 0.1%.
- The Bloomberg Dollar Spot Index was little changed.
- The euro decreased 0.2% to $1.1077.
- The British pound decreased 0.2% to $1.282.
- The Japanese yen depreciated 0.1% to 108.75 per dollar.
- The yield on 10-year Treasuries rose three basis points to 1.80%.
- Germany’s 10-year yield increased four basis points to -0.36%.
- Britain’s 10-year yield climbed six basis points to 0.682%.
- The Bloomberg Commodity Index rose 0.2%.
- West Texas Intermediate crude climbed 0.4% to $56.45 a barrel.
- Gold was little changed at $1,504.80 an ounce.
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