Dow Jones Industrial Average rises 109 points
The Dow climbed 109 points, or 0.4%, to close at 27,875.62. The S&P 500 gained 0.2% to end the day at 3110.29. The Nasdaq Composite advanced 0.2% to 8519.88. Stocks notched slight gains during Friday's session, but trade uncertainty still led to the market's first weekly drop since October. The S&P 500 ended the week lower by 0.3%.
Trump says China trade deal is very close
President Donald Trump told Fox News that a trade deal between China and the U.S. was close. His comments came after Chinese President Xi Jinping said Friday that Beijing wants to work for a trade deal with the U.S. but is not afraid to "fight back. Those comments were enough to lift market sentiment on Friday but investors are growing anxious with every passing day that some deal is not signed. Hence why the S&P 500 snapped a six-week losing streak. The more restless investors grow around the trade situation, the higher the probability of a market pullback from current levels.
Nordstrom surges, Pure Storage plummets
Nordstrom shares jumped 10% after the retailer posted quarterly earnings that beat analyst expectations. Pure Storage, meanwhile, dropped 15% after the high-speed data storage equipment maker issued weak revenue guidance for the fourth quarter.
What happens next?
Wall Street will keep its eyes on Washington as Trump mulls whether to sign a pro-Hong Kong rights bill. If he signs it, it could increase worries around U.S.-China trade relations. Hewlett Packard Enterprise and Palo Alto Networks are among the companies reporting quarterly numbers next week. Read more here.