New York, Oct. 11 (Xinhua/UNB) -- U.S. stocks traded significantly higher on Friday as investors are expecting that progress could be made in trade talks underway in Washington between China and the United States.
At midday, the Dow Jones Industrial Average surged 423.64 points, or 1.60 percent, to 26,920.31. The S&P 500 climbed 54.30 points, or 1.54 percent, to 2,983.43. The Nasdaq Composite Index advanced 135.09 points, or 1.70 percent, to 8,085.87.
Trade bellwether Caterpillar soared 4.2 percent in midday trading, among the best-performing stocks in the Dow. Apple, another trade-sensitive stock, rose 1.92 percent.
Ten of the 11 primary S&P 500 sectors gained, with both materials and industrials up more than 2 percent around midday, outpacing the rest.
Chipmaker stocks advanced broadly, contributing to the market. VanEck Vectors Semiconductor ETF (SMH), which tracks the overall performances of major U.S. exchange-listed companies in the semiconductor industry, rose 2.35 percent.
With the China-U.S. trade negotiations in the spotlight, traders are keeping their eyes on every statement, or report having to do with the talks, experts noted.
On the economic front, the University of Michigan's preliminary consumer sentiment index came in at 96 for October, data showed Friday, exceeding a Dow Jones estimate of 92.