Stocks finished firmly higher Friday. The Dow jumped 336 points to 24,706 while the S&P 500 advanced 34 points to 2,670. The Nasdaq Composite added 72 points to 7,157.
The S&P 500 climbed out of correction territory following reports of thawing trade tensions between the U.S. and China. In the latest update, Beijing reportedly proposed a six year plan to accelerate imports from the U.S. in order to reduce the trade imbalance between the nations. On the data front, a survey showed industrial production increased 0.3% in December, above projections of 0.2%. A preliminary reading from the University of Michigan revealed consumer sentiment dipped to the lowest level since late 2016 in January.
All 11 S&P 500 sectors finished in positive territory with Industrials pacing the gains following the trade optimism. In corporate news, VF Corp surged 12.4% to $82.34 after the apparel maker topped consensus earnings projections. Shares of Netflix dipped 4% to $339.10 after the streaming giant missed analyst revenue estimates. Tesla dipped 13% to $302.26 following news the electric carmaker plans to cut 7% of its workforce.
Breadth was positive on issues by roughly 5:1 on the NYSE and 3:1 on the Nasdaq. Composite NYSE Volume was roughly 4 billion shares.
Treasuries weakened along the curve with the yield on the 10-year note up three basis points to 2.78%. In commodities, WTI crude climbed 3.3% to a two-month high of $53.70/barrel. COMEX gold was off 0.9% to $1,280.30/ounce.
For the week, the S&P 500 climbed 2.7%. The Dow added nearly 3% while the Nasdaq advanced 2.7%.