And China 'getting close' to trade deal: White House economic adviser

And China 'getting close' to trade deal: White House economic adviser

And China 'getting close' to trade deal: White House economic adviser

Trade talks between Washington and Beijing are nearing a successful conclusion and are now ongoing on a daily basis, the White House's top economic official said.

Commerce Secretary Wilbur Ross said in an interview on the Fox Business Network on Friday that while progress has been made, some issues still remain.

All three major stock indexes on Wall Street also hit record highs after Commerce Secretary Wilbur Ross said US and Chinese officials would hold a call later in the day, although the White House could still impose new tariffs on Chinese goods, scheduled a month from now.

On Friday, all major stock indexes in the U.S. market touched their all-time highs after White House Economic Adviser Larry Kudlow said late on Thursday that Washington and Beijing were close to a trade agreement after "very constructive talks".

The NASDAQ Composite added 32 points, or 0.4%, to 8,297.50.

"The market rally has largely been driven by the positive sentiment around the trade talks, obviously", said Rahul Shah, chief executive of Ideal Asset Management in NY. The S&P 500 and Dow are up 3.4% and 2.8%, respectively, over the past month through Thursday's close.

The S&P 500 has gained nearly 25% year to date, and forward earnings for the benchmark index are at 18 times. Johnson & Johnson and Pfizer lifted the sector.

US gold futures were down 0.5% at $1,466.30 U.S.an ounce.

Spot gold XAU= was down 0.4% at $1,465.32 per ounce, at1056 GMT, however was readied to rise about 0.5% today. It will also sell four-week bills, eight-week bills and 10-year Treasury Inflation-Protected Securities on Thursday.

The Japanese yen and Swiss franc, both beneficiaries of a flight to quality, weakened.

Oil futures, meanwhile, gained almost 2%.

The dollar rose 0.3% versus the yen, last at 108.730, suggesting an end to the past week's dollar-yen slump may be in sight.

Brent crude LCOc1 gained $1.02 to settle at $63.30 a barrel, while West Texas Intermediate crude CLc1 rose 95 cents to settle at $57.72 a barrel.

Gold fell off the bullish $1,500 perch after Federal Reserve Chair Jay Powell suggested that the USA central bank's third straight rate cut of a quarter point in October would be its last for the year.

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