Dow Jones Industrial Average rises 150 points
The Dow climbed 150.66 points, or 0.57% to close at 26,496.67. The S&P 500 gained 0.64% to end at 2,938.13. The Nasdaq Composite advanced 0.60% to 7,950.78. Equities got a boost after a tweet from President Donald Trump increased optimism on the U.S.-China trade front.
Trump to meet with Chinese vice premier
Trump said in a tweet he will meet with Chinese Vice Premier Liu He at the White House on Friday. The tweet raised hope that the two sides will strike some sort of trade truce or, at least, hold off on higher tariffs. Trump's announcement could not have come at a better time for Wall Street, as investors got whiplash from a slew of trade-related headlines that crossed overnight. Some of those report cast doubt over the potential progress coming from the talks while others pointed toward both sides reaching some sort of agreement.
Caterpillar, Morgan Stanley rise
Caterpillar was among the best-performing stocks in the Dow, rising 2.72%. Morgan Stanley, meanwhile, rose 1.51%, getting a boost from higher rates and an analyst upgrade.
What happens next?
Investors will look forward to the end of the U.S.-China trade talks and see how much progress both sides made, if any. On top of that, September import prices data and preliminary consumer sentiment numbers for October are scheduled for release. Read more here.