U.S. stocks gained as investors turned positive on the outlook for trade ahead of a meeting between the American and Chinese presidents.
The S&P 500 Index posted its largest weekly advance since 2011, helped by a dovish turn from the Federal Reserve. Microsoft capped its best weekly gain since 2015 and finished the five days as the world’s most valuable company, surpassing Apple. Oil’s brief dip below $50 a barrel Friday sent energy producers lower and buoyed airlines. Optimistic trade comments from U.S. and Chinese officials provided support for equities ahead of a Saturday dinner meeting between Donald Trump and Xi Jinping.