S&P 500 and NASDAQ close at fresh record highs

US stock indices rose on Friday as investors continue to shrug off recent trade developments and inflationary data. 

US Trade Secretary Howard Lutnick confirmed in statements to Bloomberg that a general framework for a trade deal with China has been reached, with the US expecting deals with 10 major trade partners soon.

US President Donald Trump said he’s terminating trade talks with Canada after it imposed a digital services tax on US tech corporations.

Trump described Canada as a country difficult to deal with on trade, and considered the new Canadian tax and attack on the US.

As for data, US personal consumption expenditure was up 2.7% y/y in May, above estimates of 2.6%.

At the close, Dow Jones rose 1%, or 432 points to 43819 points, with a weekly profit of 3.8%. 

S&P 500 rose 0.5%, or 32 points to 6173 points, with a weekly profit of 3.4%.

NASDAQ added 0.5%, or 105 points to 20,273 points, with a weekly profit of 4.25%.