The S&P 500 is up 26.17 points, or 0.9%. The S&P 500 and Nasdaq Composite are both up 0.6% for the week through Thursday's close. S&P 500 e-minis were down 3.75 points, or 0.12% and Nasdaq 100 e-minis were down 15.75 points, or 0.19%. The news sent all the three major US stock indexes sharply lower, but the S&P and Nasdaq quickly recovered to trade near flat.
Investors grew more confident about economic growth, piling into shares of cyclical stocks during the week and unraveling bets on safer investments like Treasurys.
Prices for the benchmark 10-year U.S. Treasury inched up, lowering yields to 1.91% from Thursday's 1.92%.Treasury prices and yields move in opposite directions. Stocks rallied on easing concerns around the possibility of a recession.
In point of fact, Wall St. opened Thursday (November 7th) market in a flashy tune after Chinese Commerce Ministry spokesman Gao Feng had been quoted saying in a regular press briefing that the leading negotiators from both China and the United States had reached an accord to ward off tariff hikes in phases, however, Wall St.
Stocks rose to record highs on Thursday after the world's two largest economies reportedly agreed to remove existing trade tariffs, sparking a huge rotation into equities and out of bonds.
"Let's not forget that in the past we have come so close to a trade agreement and at the last minute there has been a pullback", said Michael Geraghty, capital market strategist at Cornerstone Capital Group in NY.
Adding to enthusiasm among, earnings have largely been better than investors had expected.
Walt Disney Co gained 3.96 per cent as its popular theme parks and a remake of "The Lion King" lifted earnings, and the company also spent less than it had projected on its online streaming service, Disney+.
Sentiment was also boosted this week by corporate earnings results that have generally beaten expectations. Gap slumped about 6% after the apparel maker pared its profit targets for the year and said Chief Executive Art Peck would step down immediately.
Oil prices lost $1.22 to $55.93 USA a barrel. Brent crude, the global oil benchmark, fell about 2%.
On Friday, global markets, which have also been buoyed lately by signs that a US recession isn't imminent, will gauge signals from a measure of consumer sentiment due to be released by the University of MI.
The Stoxx Europe 600 gauge fell 0.2%. The Hang Seng declined 0.7% and the Shanghai Composite Index lost 0.5%.