Investing.com – Wall Street rose Friday as investors turned their focus to U.S. President Donald Trump’s trade meeting with Chinese Vice Premier Liu He later in the day as the two countries rush to find a deal before the March 1 deadline.
Some progress on trade talks has been made, but it is unknown if a deal will be reached before the U.S. increases tariffs on Chinese goods to 25% from its current 10% on March 1.
“The market has shifted from economic worries encountered yesterday to the possibility of a breakthrough in the trade talks,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
“We’re recovering from yesterday’s selloff and the main focus is trade.”
Technology stocks were among the top gainers after the morning bell, with Tesla (NASDAQ:TSLA) gaining 1.2% after the company’s Model 3 deliveries to China began ahead of schedule. Apple (NASDAQ:AAPL) was up 0.5%, while Netflix (NASDAQ:NFLX) rose 1.2% and Facebook (NASDAQ:FB) inched up 0.4%.
Elsewhere, Kraft Heinz (NASDAQ:KHC) slumped 26% after the company wrote down the value of its Kraft and Oscar Mayer trademarks by $15.4 billion and disclosed it is being investigated by the Securities Exchange Commission for accounting practices and internal controls.
In commodities, gold futures rose 0.25% to $1,331.15 a troy ounce, while crude oiljumped 1% to $57.51 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched up 0.02% to 96.48.
— Reuters contributed to this report.