Investor confidence lifted Wall Street on Friday, driven by President Trump's reassuring remarks about trade tensions with China and the recovery of regional bank stocks from substantial declines. The S&P 500 and Nasdaq 100 each rose by 0.2%, while the Dow Jones increased by over 150 points. Trump's confirmation of a planned meeting with Chinese President Xi Jinping later in the month eased fears of unsustainable 100% tariffs on Chinese goods affecting both economies. The session saw gains led by sectors such as consumer staples, energy, and financials, although materials and utilities underperformed. Regional banks like Zions Bancorp and Western Alliance, which faced sharp declines on Thursday due to loan concerns, rebounded between 4% and 6%. Solid earnings from institutions such as Fifth Third Bancorp, Truist Financial, and Huntington Bancshares bolstered confidence in the banking sector. The KBW Regional Bank Index rose by 1.2%, recovering from its most significant drop since April, as all major US indices appeared poised for weekly gains.
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