Stocks closed a volatile month with strong gains on Friday on renewed bets the U.S. and China could strike a deal on trade.
The Dow Jones Industrial Average rose 199.62 points to close at 25,538.46. The S&P 500 and Nasdaq Composite both gained 0.8 percent to close at 2,760.17 and 7,330.54, respectively. Stocks wobbled for most of the session until Reuters reported that a Chinese official said "consensus is steadily increasing" in U.S.-China trade talks. The official added, according to the report, that differences between the two countries remained.
Jeff Powell, managing partner at Polaris Greystone Financial Group, said "if we can get some sign of progress, that will help."
President Donald Trump and Chinese President Xi Jinping are scheduled to have dinner on Saturday and are expected to discuss trade issues between the two countries. Investors are eagerly looking ahead to the dinner, hoping the two leaders can quell trade-induced volatility in the global economy and corporate earnings.