Stocks – Wall Street Surges on Hope of Trade War De-escalation 

This post was originally published on this site – Wall Street rose for the third straight session on Friday, as investors were buoyed by hope that the trade talks between the U.S. and China will result in at least a partial deal to de-escalate the current stand-off between the two.

The rose 357 points or 1.4% by 9:48 AM ET (13:48 GMT), while the S&P 500 was up 39 points or 1.3% and the gained 118 points or 1.5%.

U.S. President Donald Trump told reporters on Thursday that talks between the two countries were going “really well,” which followed a tweet that he will meet with Chinese Vice Premier Lui He on Friday.

The news helped bolster markets after a few days of whiplash following conflicting reports on trade progress.

“It is still going to be a one step forward, two steps backward tone with the talks, but there are hopes of a de-escalation, “said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

Companies with exposure to China were higher, with Apple (NASDAQ:) up 1.3%, NVIDIA (NASDAQ:) gaining 3.3% and Intel (NASDAQ:) rising 2.3%. Tesla (NASDAQ:) surged 1.5%, while Slack gained 5% after it said its active daily users rose by 37% in September from a year ago.

Meanwhile oil companies were up after a report of attacks on an Iranian oil tanker caused futures to surge. Exxon Mobil (NYSE:) and Chevron (NYSE:) were both up 1%.

In commodities, the , which measures the greenback against a basket of six major currencies, was down 0.5% to 97.928 and tumbled 0.8% to $1,488.80 a troy ounce. jumped 1% to $54.05 a barrel.

-Reuters contributed to this report

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