Wall Street has mounted an impressive rally over the past several trading sessions, and investors kept up the momentum on Friday morning. market participants remained optimistic that more encouraging signs of progress on trade talks could lead to constructive solutions to the ongoing dispute between the U.S. and China. As of just before 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 53 points to 27,236. The S&P 500 (SNPINDEX: ^GSPC) had risen 4 points to 3,014, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had gained 4 points to 8,199.
Working with foreign governments has long been a challenge for Freeport-McMoRan (NYSE: FCX), but the copper and gold mining giant got good news that could signal higher sales and profits. Meanwhile, global economic sluggishness remains a concern for chipmaker Broadcom (NASDAQ: AVGO), and even an upbeat earnings report wasn't enough to give shareholders confidence in the company's near-term prospects.
Shares of Freeport-McMoRan climbed 3% Friday morning after Indonesia's energy ministry approved a recommendation to increase authorized copper concentrate exports from about 200,000 tons to 700,000 tons through March 2020.