Markets Right Now: Stocks climb as US-China trade hopes rise

NEW YORK (AP) — The latest on developments in financial markets (all times local):

11:45 a.m.

Stocks are surging Friday as renewed hopes for progress in trade talks between the U.S. and China contribute to a new sense of optimism on Wall Street.

Bloomberg News reported that China's government offered to buy more goods and services from the U.S., potentially eliminating its trade deficit by 2024. Technology and industrial companies made some of the top gains, while banks rose after more of them posted strong fourth-quarter reports.

Deere & Co. jumped 3 percent and Microsoft gained 1.3 percent.

Electric car maker Tesla fell 9.2 percent after saying it will cut 7 percent of its jobs.

Timberland maker VF jumped 11.5 percent after raising its annual forecasts.

The S&P 500 index climbed 31 points, or 1.2 percent, to 2,667.

The Dow Jones Industrial Average rose 272 points, or 1.1 percent, to 24,645. The Nasdaq composite added 82 points, or 1.2 percent, to 7,166.

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9:35 a.m.

U.S. stocks are opening higher as the market wraps up another strong week.

U.S. industrial production grew more than expected in December and technology and industrials made rose Friday. Microsoft rose 1.2 percent and Deere rose 1.3 percent.

Transportation and logistics company J.B. Hunt jumped 6.1 percent after its fourth-quarter report.

Electric car maker Tesla fell 6.3 percent after saying it will cut 7 percent of its jobs.

Timberland maker VF jumped 13.7 percent after raising its annual forecasts.

The S&P 500 index climbed 17 points, or 0.7 percent, to 2,653.

The Dow Jones Industrial Average rose 163 points, or 0.7 percent, to 24,533. The Nasdaq composite added 47 points, or 0.7 percent, to 7,131.