Investing.com - Stocks finished at their highest levels in about two weeks as President Donald Trump touted a "substantial phase one deal" that resolves some of the trade disputes between the United States and China.
The trade deal includes scrapping imposition of tariffs on Chinese imports due next week and a Chinese pledge to buy more farm products.
The rally was very broad and saw the Dow Jones industrial climb more than 517 points before profit-taking set in and cut the gain to about 320 points. Apple (NASDAQ:AAPL) hit a new intraday high of $237.63, accompanied by a host of big stocks.
The S&P 500 finished up 1.09% but failed for a 16th day to close above 3,000. The Dow rose 1.21%.
The Nasdaq Composite climbed about 1.34%, or 106 points, closing above 8,000 for the first time since Sept. 26.
The Nasdaq 100, dominated by big tech stocks, added 1.34% or nearly 104 points, with Apple, up 2.7%, adding 23 points to the gain by itself.
Interest rates rose as investors sold bonds to move to riskier assets. The 10-Year Treasury yield moved up to 1,767% from Thursday's 1.656%.
Oil prices moved more than 2% higher, in part because of the progress of the trade talks, which would be a boon to global growth. Prices also moved up on reports of an attack on an Iranian oil tanker.