Stocks Opened Higher on Trade Optimism

Stocks rallied at open on Friday, as investors awaited the outcome of a second day of trade talks between the U.S. and China. The Dow Jones Industrial Average lately rose 375.66 points, or 1.42%, to 26,872.33. The S&P 500 added 41.22 points, or 1.40%, to 2,979.35. The Nasdaq Composite gained 126.48 points, or 1.59%, to 8,077.26.

Oil prices jumped Friday morning after reports of an Iranian tanker explosion in the Red Sea raised the possibility of tensions in an already simmering Middle East. West Texas Intermediate crude for November delivery climbed 86 cents, or 1.6%, to $54.41 a barrel. December Brent crude jumped 86 cents, or 1.5%, to $59.97 a barrel.

President Donald Trump told reporters on Thursday that trade talks between the two feuding nations are going “very well.”

Uber (UBER) said on Friday it would buy a majority stake in online grocery provider Cornershop as the ride-hailing giant moves to expand its fast-growing delivery service into the grocery store market.

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