Stocks rallied on Friday after President Donald Trump said China and the U.S. reached the first phase of a substantial trade deal that delays tariff hikes that were set to kick in next week.
The Dow Jones Industrials came off its highs of the day, but still soared 319.92 points, or 1.2%, to finish the week at 26,816.59, led by Apple which surged to an all-time high.
The S&P 500 improved 32.14 points, or 1.1%, to 2,970.27. The gains helped the Dow and S&P 500 snap three-week losing streaks. The Dow gained 0.9%, and S&P 500 picked up 0.6%, for the week.
The NASDAQ Composite leaped 106.27 points, or 1.3%, to 8,057.04, ending the week up 0.9%.
Big Tech shares such as Facebook, Amazon and Google parent Alphabet all gained at least 0.5%. Bank stocks also gained steam, as Bank of America and J.P. Morgan Chase rose more than 1.6% each. Apple jumped 3%.
Chipmakers rose broadly. Micron Technology gained more than 4%, while Xilinx climbed 3.7%.
On the data front, the University of Michigan's consumer sentiment index came in at 96 for October, topping a Dow Jones estimate of 92.
Trump told reporters at the Oval Office that phase one of the trade deal will be written over the next three weeks. The major indexes hit their session highs on this comment, with the Dow rising more than 500 points. Trump made his comments after meeting with Chinese Vice Premier Liu He in the Oval Office.
As part of this phase, China will purchase between $40 billion and $50 billion in U.S. agricultural products. Trump also said the deal includes agreements on foreign-exchange issues with China. In exchange, the U.S. agreed to hold off on tariff hikes that were set to take effect Tuesday.
Prices for the benchmark 10-year U.S. Treasury lost ground, raising yields to 1.73% from Thursday's 1.67%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.18 to $54.73 U.S. a barrel.
Gold prices dropped 10 dollars to $1,490.00 U.S. an ounce.