US and China ‘Getting Close’ to Trade Deal: White House Economic Adviser

US and China ‘Getting Close’ to Trade Deal: White House Economic Adviser

Investors are dissecting every utterance from the USA and China for signs of progress or imminent failure of phase one of a big trade deal.

Kudlow said Friday there was still no precise date set. The S&P 500 gained 20.17 points, or 0.65%, to 3,116.8 and the Nasdaq Composite added 53.18 points, or 0.63%, to 8,532.20.

All three major stock indexes hit all-time highs on Friday amid reports that the U.S. and China are nearing a trade deal.

Health care stocks also rose almost 2% after the Trump administration released a plan that would force hospitals and insurance companies to disclosed the rates they negotiated.

Eight of the index's main industry groups rose. The S&P 500 posted a sixth straight weekly increase, its longest winning streak in two years.

Futures for the Dow Jones Industrials took on 82 points, or 0.3%, early Friday to 27,828.

Larry Kudlow, director of the National Economic Council, has fed optimism in recent days that efforts to complete the "phase one" trade deal announced last month by President Donald Trump are making progress.

The fourth quarter, which tends to be the best period for corporate earnings, will likely be supportive of stocks, but poor macroeconomic data or a political event could trigger a downturn, Shah said.

Nine of the 11 major S&P 500 sectors were higher, with healthcare leading the sectors higher, gaining 2.09%. Hopes of a trade deal between Washington and Beijing drove down demand for safe-haven assets such as U.S. Treasurys, which drove up yields.

US gold futures settled down 0.3% at $1,468.50 per ounce. Stock investors liked the sound of the proximity that Kudlow described, bidding up shares from Asia to Europe and pushing US equity futures toward Wall Street's longest weekly rally in more than two years.

The Japanese yen and Swiss franc, both beneficiaries of a flight to quality, weakened. It will also sell four-week bills, eight-week bills and 10-year Treasury Inflation-Protected Securities on Thursday.

Gold fell off the bullish $1,500 perch after Federal Reserve Chair Jay Powell suggested that the USA central bank's third straight rate cut of a quarter point in October would be its last for the year.

Benchmark Brent crude gained 37 cents to US$62.65 a barrel, while West Texas Intermediate crude rose 45 cents to US$57.22 a barrel.

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