Stock-market bulls attempted to extend a winning streak to a fourth day Friday, buoyed by news reports that have stoked hopes for progress in trade talks between the US and China.
Equity markets will be closed on Monday in respect of Martin Luther King Jr. Day.
How are the benchmarks faring
The Dow Jones Industrial Average
DJIA, + 1
rose 217 points, or 0.9%, to 24,585; the S & P 500 index
SPX, + 1.22%
gained 27 points, or 1%, to 2,662; and the Nasdaq Composite
COMP, + 1.18%
added 66 points, or 0.9%, to 7,148
For the week, the S & P and Nasdaq are each up 2.5% 2.4%.
Upbeat expectations on trade were boosted by a report from Bloomberg that Chinese officials have offered to increase imports from the US
Brexit Brief: General election talks grows louder in Westminster
would be $ 1 trillion over the next six years, a plan that would bring the US trade deficit with China to zero by 2024.
That comes after stocks got a late lift Thursday from a report by The Wall Street Journal that U.S. officials were debating and possible ease in tariffs on Chinese imports, to give Beijing an incentive to make deeper concessions over trade dispute.
A Treasury spokesman immediately walked back the report, telling the newspaper that any bargaining positions remained "at the discussion stage." The Treasury Secretary Steven Mnuchin nor Trade Representative Robert Lighthizer has made any specific trade-related recommendations, and talks were still ongoing
which reported strong subscriber and profit growth after the bell on Thursday but missed on revenue. The stock traded lower, but its 32% rise year-to-date reflects the glass-half-full sentiment that has overtaken markets in recent weeks.
"With the shutdown slowly taking 0.1 percentage points of GDP each week, the president knows a victory in resolving the trade war can give him leverage on his continued battle with Democrats on his border wall funding, "wrote Edward Moya, market analyst at OANDA in a Friday morning note.
"Yesterday's Wall Street Journal report that Treasury Secretary Steven Mnuchin has reportedly proposed the idea of lifting some or all of the tariffs gave stocks a strong bid. It was quickly refuted by the Treasury, but the story shows how anxious markets are looking for a positive momentum to continue with trade talks, "he added.
" From an earnings standpoint, results continue to be better than fear "Tom Essaye , the president of the Sevens Report wrote in a Friday-morning note to clients. "Industrials have posted solid results so far in the earnings season, and that's a positive if it continues throughout the rest of the season."
Meanwhile, "market continues to act resiliently," in the face of any bad news,
New York Fed President John Williams, a member of the Federal Open Market Committee, said that the Federal Reserve should respond "carefully" to it and US
"" But let me be clear: softer economic outlook does not mean we should prepare for doom and gloom, "he added
US industrial production rose 0.3% in December, the Federal Reserve reported Friday morning, in line with expectations, and a MarketWatch poll of economists
The consumer confidence index of the University of Michigan fell to more than two-year low of 90.7 in January , down from 98.3 in December, and well below expectations of 97.5, according to a MarketWatch economist poll.
Philadelphia Fed President Patrick Harker, a nonvoting member of the FOMC, will give a speech on the future of Philadelphia at 11 am  Which stocks are in focus?
Tesla Inc. .
shares retreated 3.3% early Friday, indicating investor dissatisfaction with streaming video service giant's fourth-quarter results and upbeat calls from Wall Street analysts.
Shares of American Express Co .
AXP, + 0.30%
traded 0.7% lower Friday, after the financial-services company reported fourth-quarter results Thursday evening
SunTrust Banks Inc.
STI, + 5.10%
Stocks of Tiffany & Co.
TIF, + 4.55%
rose 3.3%, even after the luxury jewelry retailer reported holiday-period sales that declined from a year ago and provided a downbeat full-year profit and sales outlook. The stock has fallen almost 35% over the past six months
Eli Lilly and Co .
stock was down 3.2% early Friday, after the company said a late-stage trial of a treatment for sarcoma failed to meet its main goals.
Stocks of VF Corp .
VFC, + 11.68%
rose 11.7%, after the parent company of Vans and North Face reported better than expected earnings and sales
] On Thursday, the Dow erased an earlier loss to rise of 162.94 points, or 0.7%, to 24,370.10 in choppy trade. The blue-chip gauge was up 267 points at its session high. The S & P 500 added 0.8% to 2,635.96 and the Nasdaq gained 0.7% to finish at 7,084.46
Markets in Asia surged, led by a 1.4% jump for China's Shanghai Composite Index
SHCOMP, + 1.42%
In Europe, the Stoxx Europe 600
SXXP, + 1.79%
CLG9, + 3.00%
was also moving higher, while gold
is fallingand the U.S. dollar
DXY, + 0.30%
Providing critical information for the U.S. trading day. Subscribe to MarketWatch's free newsletter. Sign up here