The Dow Jones, S&P 500, and Nasdaq rose sharply on Friday, closing at record levels thanks to expectations of a U.S.-China trade deal and strong economic data. The Dow Jones gained 1% to close at 43,819.27 points, with intraday growth reaching nearly 580 points. The Nasdaq rose 0.5% to 20,273.46 points, setting a new high, while the S&P 500 increased 0.5% to 6,173.07 points.

Shares of tech giants supported the market’s rise: NVIDIA, Alphabet, and Amazon stocks added 1.7%, 2.9%, and 2.8% respectively. The VIX volatility index fell 1.6% to 16.32.

Markets were buoyed by reports that the U.S. and China had reached a framework trade agreement. White House representatives noted that the deadlines for new tariffs were not critical.

For the week, the Dow gained 3.8%, the S&P 500 rose 3.4%, and the Nasdaq added 4.2% amid hopes for trade deals, easing geopolitical tensions, and expectations of monetary policy easing in the second half of the year.