Dow Jones Industrial Average jumps 222 points
The 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. The Nasdaq Composite advanced 0.73% to 8,540.83. Positive commentary on U.S.-China trade talks propelled the major averages to fresh record highs.
Kudlow: A deal is 'getting close'
White House economic advisor Larry Kudlow said Thursday night that China and the U.S. were "getting close" to signing a phase-one trade agreement. That was all Wall Street needed to push stocks to new all-time highs on Friday. Kudlow's comments came after reports earlier this week suggested both sides were struggling with some of the terms in the phase-one agreement. The S&P 500 posted its sixth straight week of gains, while the Nasdaq notched a seven-week winning streak.
JC Penney, Applied Materials jump on earnings
Shares of J.C. Penney and Applied Materials jumped 6.36% and 8.95%, respectively, following the release of their latest quarterly results. J.C. Penney posted a smaller-than-expected loss while Applied Materials' earnings exceeded Wall Street estimates.
What happens next?
Wall Street will look for further signs of progress on the U.S.-China trade front on Monday. Without them, the market could pull back from current record levels. Retailers such as Target, Best Buy and Home Depot are among the companies set to report earnings next week. Read more here.