S&P 500 rises to new record at the open Friday, overcoming tariff and geopolitical fears [View all]

Source: CNBC

The S&P 500 rose to a new record on Friday, the culmination of an improbable turnaround for U.S. stocks this year as they overcame trade turmoil and geopolitics to reclaim the record set in February. Friday's gain was driven by hopes trade deals with China and other countries were coming soon.

The S&P 500 added 0.3% to 6,156.80 on Friday, a new record that surpassed the prior all-time high of 6,147.43 from February 19. The Nasdaq Composite rose 0.3% to around 20,218, also a new record high. The Dow Jones Industrial Average added 156 points, or 0.4%.

Commerce Secretary Howard Lutnick told Bloomberg News that a framework between China and the U.S. on trade had been finalized. Lutnick added that the Trump administration expects to reach deals with 10 major trading partners imminently.

President Donald Trump also said Thursday "we just signed with China yesterday," then a White House official later clarified he meant China agreed to "an additional understanding of a framework to implement the Geneva agreement." China's Ministry of Commerce also said Friday that the two countries had confirmed a trade framework that would allow the export of rare earths to the U.S. and ease tech restrictions.

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