Stocks Opened Higher on Trade-talk Optimism

U.S. stocks opened modestly higher on Friday, after China’s President Xi Jinping injected some measure of trade-talk optimism into a market. The Dow Jones Industrial Average lately rose 71.91 points, or 0.26%, to 27,838.20. The S&P 500 added 7.28 points, or 0.23%, to 3,110.82. The Nasdaq Composite gained 17.41 points, or 0.20%, to 8,523.62.

Oil futures pulled back modestly Friday from a two-month high. West Texas Intermediate crude for January delivery fell 33 cents, or 0.6%, to $58.25 a barrel, while January Brent crude was off 21 cents, or 0.3%, at $63.76 a barrel.

President Xi injected some measure of optimism into a market that has grown more uncertain about a partial U.S.-China trade deal materializing. “We want to work for a Phase 1 agreement on the basis of mutual respect and equality,” was quoted as saying, during a forum in Beijing attended by a delegation of foreigners.

U.S. manufacturing, services PMI improved in November. IHS Markit said its flash manufacturing purchasing managers index rose to 52.2 in November from 51.3 in October. This is the fastest rate since April. Meanwhile the flash services purchasing managers index in November rose to 51.6 from 50.6.