WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Friday, extending the upward move seen throughout much of the past week. The continued advance has lifted the S&P 500 and the Nasdaq to new record intraday highs.
Currently, the major averages are just off their highs of the session. The Dow is up 384.92 points or 0.9 percent at 43,771.76, the Nasdaq is up 111.11 points or 0.6 percent at 20,279.02 and the S&P 500 is up 36.56 points or 0.6 percent at 6,177.57.
Optimism about new trade deals is contributing to the continued strength on Wall Street after President Donald Trump indicated the U.S. had signed an agreement with China.
A White House official later clarified that the U.S. and China have agreed to 'an additional understanding of a framework to implement the Geneva agreement.'
A spokesperson for China's Ministry of Commerce subsequently said the two sides have 'confirmed the details of the framework.'
The spokesperson said Washington would lift 'restrictive measures,' while Beijing would 'review and approve' items under export controls.
Commerce Secretary Howard Lutnick also told Bloomberg the Trump administration expects to soon reach deals with ten major trading partners.
The strength on Wall Street also come after the Commerce Department released a closely watched report that included the Federal Reserve's preferred readings on consumer price inflation.
While the report showed consumer prices in the U.S. crept up in line with expectations in the month of May, the report also showed core consumer prices rose by slightly more than expected.
'Today's release revealed a little more core inflation than expected based on CPI and PPI data, but not enough to concern anyone,' said FHN Financial Chief Economist Chris Low.
The University of Michigan also released a report showing consumer sentiment in the U.S. improved by slightly more than expected in the month of June.
Sector News
Despite the advance by the broader markets, most of the major sectors are showing only modest moves on the day.
Airline stocks have shown a notable move to the upside, however, with the NYSE Arca Airline Index climbing by 1.3 percent.
Retail, commercial real estate and telecom stocks are also seeing some strength, while gold stocks have moved sharply lower along with the price of the precious metal.
With gold for August delivery tumbling $68.30 to $3,279.70 an ounce, the NYSE Arca Gold Bugs Index has plunged by 4.0 percent.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Friday. Japan's Nikkei 225 Index jumped by 1.4 percent, while China's Shanghai Composite Index slid by 0.7 percent.
Meanwhile, the major European markets have all moved to the upside on the day. The French CAC 40 Index is up by 1.3 percent, the German DAX Index is up by 1.1 percent and the U.K.'s FTSE 100 Index is up by 0.3 percent.
In the bond market, treasuries are giving back ground after trending higher over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.6 basis points at 4.279 percent.
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