(CNBC) Stocks staged a massive reversal on Friday after President Donald Trump said conversations with China over trade will continue and his relationship with President Xi Jinping remains strong.
The Dow Jones Industrial Average finished the day 114.01 points higher at 25,942.37, roaring back from a 358-point loss earlier in the session that came in the wake of a tariff increase by the U.S. effective just after midnight. The S&P 500 snapped a four-day losing streak, eking out a 0.37% gain at 2,881.40. The Nasdaq Composite ended the day slightly higher at 7,916.94 after stocks rallied from their lows.
Stocks hit session highs after Trump’s late Friday tweet and closed near those levels. The president also noted that the trade talks with China were “candid and constructive.” Trump said the new tariffs on $200 billion worth of Chinese goods “may or may not be removed” in the future.