Wall Street surges to record highs

US stock indices rallied on Friday to fresh record highs as trade tensions calmed following strong US inflation data.

Dow Jones rose 0.4%, or 165 points to 43552 points as of 14:36 GMT, while S&P 500 rose 0.25% to 6155 points, a record high, as NASDAQ added 0.3% to 20,229 points, also a new record. 

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.

Earlier data showed US personal consumption expenditure up 2.7% y/y in May, above estimates of 2.6%.