Stocks rose on Friday as investors cheered strong quarterly earnings from Intel along with apparent progress on the U.S.-China trade front.
The Dow Jones Industrial Average spread its wings and soared 201.69 points to 27,007.22
The broader S&P 500 regained 16.92 points to 3,027.25, above its record close of 3,025.86. The broad index was also close to reaching an
intraday record set in July.
The NASDAQ Composite Index recovered 62.64 to 8,248.43
The indexes hit their highs of the day after the office of the U.S. Trade Representative said China and the U.S. were close to finalizing parts of a phase one trade deal.
Intel shares jumped 7.4% after the chipmaker's results topped analyst expectations. Intel also issued better-than-expected guidance for the fourth quarter.
Those results dampened disappointing numbers from Amazon. The e-commerce giant's stock dropped 1.8%. Weak guidance for the holiday season period also drove down the stock.
Amazon's results followed a mixed batch of reports from companies such as Microsoft, Tesla, 3M and Twitter. Microsoft and Tesla rose Thursday on better-than-expected results. However, 3M and Twitter slid on the back of their reports.
Other companies reporting quarterly numbers this week included Visa and Verizon. Visa posted revenue and profit that topped estimates, lifting the stock by 1.5%. Verizon, meanwhile, climbed 0.4%.
More than 38% of S&P 500 companies posted quarter earnings for the third quarter thus far. Of those companies, 78% have beaten analyst expectations. This week was one of the busiest of the earnings season, with more than 120 companies reporting.
The major averages were headed for weekly gains through Thursday's close. The Dow was up 0.1% for the week entering Friday's session.
Meanwhile, the S&P 500 hiked 0.8% and NASDAQ grew 1.2%.
On the data front, consumer sentiment dipped slightly in October to 95.5, according to the University of Michigan's Surveys of Consumers. That's down from a preliminary reading of 96, but above a final September print of 93.2.
Prices for the benchmark 10-year U.S. Treasury fell sharply, raising yields to 1.81% from Thursday's 1.75%. Treasury prices and yields move in opposite directions.
Oil prices regained 20 cents to $56.43 U.S. a barrel.
Gold prices pared gains to $6.60 to $1,511.30 U.S. an ounce.