The Dow Jones Industrial Average rallied to record levels on Friday, reaching 28,000 for the first time ever, after White House economic advisor Larry Kudlow said China and the U.S. were getting close to reaching a trade deal. The Dow Jones rose 222 points or 0.7% to close at 28,004. It took the Dow just over four months to go from 27,000 for the first time to 28,000.
Apple is the best-performing stock in the Dow since July 11, when the index first reached 27,000. In that time, Apple shares are up more than 30%. Intel, J.P. Morgan, United Technologies and Home Depot are some of the stocks that have also rallied more than 10% since July 11.
The S&P 500 and Nasdaq Composite made new all-time highs as well, climbing 0.8% to 3,120 and 0.7% to 8,540 respectively.
Wall Street also wrapped up another week of gains. The Dow notched its fourth week of consecutive gains, rising 1.2% in that time. The S&P 500 advanced 0.9% for the week, posting its sixth straight weekly gain. That's the longest streak for the S&P 500 since 2017, when it climbed for eight straight weeks. The Nasdaq rose for a seventh consecutive week, advancing 0.8%.
Trade-sensitive names such as Caterpillar, Boeing, Apple and Micron Technology all rose at least 1.2% on Friday. Gold, meanwhile, fell as safe-haven assets pulled back broadly.
In U.S. Corporate news, Applied Materials rose 8% after beating top and bottom-line estimates and guiding Q4 results above consensus. NVIDIA, on the other hand, fell 2% after guiding Q4 revenue just below consensus estimates.
Separately, T-Mobile US rose 1.6% after CEO John Legere said he no longer is considering the CEO role at WeWork, according to CNBC. Shares of RH rose 7% and Occidental Petroleum rose 3% after Warren Buffet's Berkshire Hathaway disclosed new positions in the companies.
U.S. Treasuries didn't sell off despite the risk-on mentality in the stock market, but they did edge lower. The 2-yr yield increased three basis points to 1.61%, and the 10-yr yield increased two basis points to 1.83%. The U.S. Dollar Index declined 0.2% to 97.99. WTI crude rose 0.9%, or $0.99, to $57.75/bbl.