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This week's gains were largely driven by technology stocks as the sector jumped 4%. The technology sector also became the best performer of 2019. Nvidia is the best-performing stock in the industry, up more than 12%, while semiconductor stocks such as Broadcom and Lam Research have outperformed. also strongly increased this week.
Semiconductor stocks rose sharply on Friday, as the VanEck Vectors Semiconductor (SMH) ETF rose more than 2%. Broadcom's shares led the gains, increasing more than 9% after the company announced quarterly earnings above expectations.
Chinese Vice Premier Liu He met by phone with US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer, the Xinhua news agency reported on Friday. The report, according to the South China Morning Post, said: "Both sides have made further concrete progress on the text of the trade agreement between the two sides."
The news comes after CNBC reported Thursday that Chinese negotiators suggest combining a state visit to the US with the signing of a trade deal. Beijing wants final deal before President Xi Jinping meets US President Donald Trump.
"Trade negotiations between the United States and China will likely lead to a temporary agreement, transforming future negotiations into a framework to monitor China's compliance with trade and intellectual property policies," said Alberto Gallo, who is responsible for macroeconomic strategies at Algebris Investments. He added, however, that "binary events" like this "may not result in extreme risks".
AT & T shares rose 1% after Raymond James improved market performance, citing an attractive valuation relative to rival Verizon. "We believe that the combination of positive earnings growth and a performance over the course of the year will be a return of investors to AT & T," said analyst Frank Louthan. in a note.
-Sam Meredith and Spriha Srivastava of the CNBC contributed to this report.
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