Stocks Opened Higher on Signs of Easing U.S.-China Trade Tensions

U.S. stocks opened higher on Friday, as investors handled reports from Chinese officials saying that they would buy more American farm products. The Dow Jones Industrial Average lately advanced 312.22 points, or 1.20%, to 26,392.32. The S&P 500 rose 34.59 points, or 1.11%, to 3,149.93. The Nasdaq Composite climbed 99.51 points, or 1.00%, to 10,042.56.

Oil futures on Friday headed higher for the day and week as the industry drew optimism from the outcome of a Thursday meeting of OPEC members and allies about adherence to a global production cut pact. West Texas Intermediate crude for July delivery was trading $1.11, or 2.9%, higher at $39.95 a barrel. Brent oil for August delivery added 95 cents, or 2.3%, at $42.46 a barrel.

Bloomberg reported that China plans to accelerate purchases of American farm goods to comply with the phase one trade deal signed in January. Beijing intends to step up buying of everything from soybeans to corn and ethanol as the economic disruption caused by the coronavirus pandemic has meant China has only reached 13% of the 2020 target under the deal in the first four months of the year.