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Wall Street Hits Fresh Highs as Trump–Xi Call Fuels Trade Optimism
US stocks climbed to new records on Friday after a high-profile call between President Donald Trump and Chinese President Xi Jinping signaled progress on trade and other key issues.
The Dow Jones Industrial Average rose 0.4%, the S&P 500 gained 0.4%, and the Nasdaq Composite advanced 0.5%, marking a second straight session of all-time highs. The rally was supported by a 3% jump in Apple shares as its latest iPhones hit store shelves, with early sales data pointing to strong demand.
Trump said the leaders made headway on “many very important issues,” including trade, fentanyl, the war in Ukraine, and a framework for a TikTok deal that would allow the app to continue operating in the US under majority American ownership. Chinese state media confirmed support for a “commercial solution” but urged Washington to avoid new trade restrictions.
The upbeat tone followed a week of market-friendly developments, including the Federal Reserve’s first interest rate cut since December and Nvidia’s $5 billion investment in Intel. All three major indexes are on track for a third consecutive week of gains.
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