Stocks Ended Higher on Trade Hopes

U.S. stocks ended higher on Friday after the Trump administration said it was making progress on a preliminary trade agreement with China. The Dow Jones Industrial Average advanced 152.53 points, or 0.57%, to 26,958.06. The S&P 500 gained 12.26 points, or 0.41%, to 3,022.55. The Nasdaq Composite rose 57.32 points, or 0.70%, to 8,243.12.

Oil futures inched higher on Friday, as news of progress on part of a U.S.-China trade deal eased concerns over a slowdown in economic growth and energy demand. West Texas Intermediate crude for December delivery rose 43 cents, or 0.8%, to settle at $56.66 a barrel and tallied a 5.2% weekly advance. December Brent crude added 35 cents, or 0.6%, at $62.02, to post a weekly rise of 4.4%.

In a statement, the Office of the U.S. Trade Representative said Robert Lighthizer and Treasury Secretary Steven Mnuchin spoke Friday with China’s Vice Premier Liu He to discuss a phase one deal between both countries.

The federal deficit for the 2019 budget year surged to $984.4 billion, its highest point in seven years, and is widely expected to top the $1 trillion mark in coming years. The 26% surge from the 2018 deficit of $779 billion that the government reported Friday reflected such factors as revenue lost from the 2017 Trump tax cut and a budget deal that added billions in spending for military and domestic programs.