U.S. stocks closed higher on Friday to kick off trading in March on a positive note, with sentiment bolstered by news that trade negotiations between the U.S. and China may conclude as soon as in two weeks. The Dow Jones Industrial Average gained 110.32 points, or 0.43%, to 26,026.32. The S&P 500 gained 19.20 points, or 0.69%, to 2,803.69. The Nasdaq Composite advanced 62.82 points, or 0.83%, to 7,595.35. For the week, the S&P 500 gained 0.4% and the Nasdaq added 0.9% while the Dow shed about 0.1% to snap its nine-week winning streak.
Oil futures finished sharply lower on Friday, as traders focused on a backdrop of weak U.S. economic data and record domestic production. April West Texas Intermediate crude fell $1.42, or 2.5%, to settle at $55.80 a barrel. May Brent settled at $65.07, down $1.24, or 1.9%.
According to Bloomberg News, U.S. officials were preparing for a summit between President Donald Trump and Chinese leader Xi Jinping at which a 150-page agreement could be signed.
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