U.S. stocks powered higher Friday after signs emerged that China may be open to negotiating a resolution to the fentanyl crisis, signaling a potential softening of trade tensions with the U.S. and lifting investor sentiment.
Sources close to the Wall Street Journal revealed that Wang Xiaohong, China’s minister of public security and a senior cabinet member, has been inquiring about what President Donald Trump‘s team expects from China regarding its role in the production of fentanyl precursors.
The inquiry marks a possible turning point in the long-standing diplomatic standoff between Washington and Beijing.
Markets Cheer Diplomatic Hopes
The S&P 500 Index jumped 1.5% to 5,685 points, on the way to its ninth straight day of gains and returning to levels last seen in late March.
Since hitting a short-term bottom in April, the SPDR S&P 500 ETF Trust (NYSE:SPY) has rallied 17.5%, showcasing the index’s strong recovery and renewed investor …