Stocks surge on optimism about U.S.-China trade talks

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Stocks on Wall Street jumped Friday on optimism that the United States and China can make progress in resolving their trade war.

Trump could agree to a limited trade deal with China as Beijing negotiators are said to make an offer that includes more farm purchases in exchange for some relief on tariffs.TAMPING DOWN TRADE TENSIONS: Markets around the world have swung sharply on every hint of progress or discord surrounding the U.S.-China trade war.

The Trump administration has already raised tariffs on more than $360 billion worth of Chinese goods, but the stakes have risen. If tariff increases scheduled for this upcoming Tuesday and December go through, they would cover nearly everything China ships to the United States. Britain is set to leave the European Union on Oct. 31, and a departure without a trade deal in place could rock markets and economies across the region.

ENERGY: A missile strike on an Iranian tanker revived oil supply concerns and pushed up energy prices. Benchmark U.S. crude rose 1.2%. Brent crude, used to price international oils, rose 1.6%.

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