Trade Talk Optimism Powers Late Market Surge

The S&P 500 ended at 2,834, up 0.7 percent for the session and 13.1 percent for the quarter.

The Dow Jones Industrial Average gained 0.8 percent to 25,928, while the Nasdaq Composite Index also advanced 0.8 percent to 7,729.

Friday's session was bolstered by upbeat comments from Trump administration officials following the latest round of trade negotiations in Beijing.

The White House reported "progress" in what it termed "candid and constructive discussions," saying that the next round of talks will be held in the US capital on April 3.

Investors also greeted comments from White House economic advisor Larry Kudlow supporting a cut in Federal Reserve interest rates.

Kudlow told Axios that he wanted the Fed to "immediately" cut interest rates by 50 basis points.

The Fed has already signaled that it expects no interest rate hikes in 2019 in a major retreat from prior policy that has helped propel stocks this year.

In its debut on public markets, ride-hailing company Lyft finished at US$78.29, up 8.7 percent from its initial public offering price after the IPO raised US$2.3 billion.

Wells Fargo dropped 1.6 percent after Tim Sloan announced he was stepping down as chief executive following criticism in Congress following lapses. Some analysts welcomed the news, but said it added to uncertainty over the bank's strategy. (AFP)