Dow set to rise 100 points to record high after Kudlow signals US-China trade deal getting close

U.S. stock index futures were higher Friday after White House economic advisor Larry Kudlow said China and the U.S. were getting close to reaching a trade deal.

At around 8:50 a.m. ET, Dow Jones Industrial Average futures rose 104 points, indicating a positive open of more than 106 points. S&P 500 and Nasdaq 100 futures were also higher. Both the Dow and S&P 500 were poised to hit record highs at the open.




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Kudlow, the National Economic Council director, said Thursday that a deal between the two nations was approaching, highlighting constructive discussions with Beijing.

The major averages closed little changed on Thursday as recent jitters around U.S.-China trade tempered the excitement around the market’s record-setting rally. The S&P 500 and Dow are up 3.4% and 2.8%, respectively, over the past month. The Nasdaq Composite has gained 4.1% in that time.

Investors also digested mixed data on the U.S. consumer. Retail sales grew by 0.3% in October, topping an estimate of 0.2%. However, the data also showed big-ticket purchases dropped last month.

There will also be industrial production numbers released at 9:15 a.m. ET.

Federal Reserve Chairman Jerome Powell said Thursday that he does not see signs of bubbles brewing amid concerns over higher corporate and government debt.

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