The Dow and broader U.S. stock market surged to more than three-month highs Friday following the release of a White House memo that described trade talks with China as “detailed” and “progressive.” Negotiators from the Trump administration and China are scheduled to resume talks next week in Washington.

DOW SPIKES; S&P 500, NASDAQ FOLLOW

The Dow Jones Industrial Average surged by as much as 368 points Thursday morning, as traders overcame a volatile pre-market session for U.S. stock futures. At last check, the Dow 30 index was trading near its peak, having gained 365 points, or 1.4%, to 25,804.44. The index is on track for its highest settlement since early November.

The Dow spiked after Trump declared a national emergency at the U.S.-Mexico border.

The broad S&P 500 Index rose 0.9% to 2,768.99. Financials led ten of 11 primary sectors higher through the midday session. The S&P 500’s financial index is currently riding gains of 1.7%. Energy companies added 1.1% on average. Consumer staples and materials each rose by at least 1%.

Shares of information technology companies were only modestly higher, while communication services flat-lined. As a result, the technology-focused Nasdaq Composite Index rose just 0.5% to 7,460.75.

A measure of implied volatility known as the CBOE VIX approached its lowest levels since October, as Wall Street bounced back from a tumultuous fourth quarter. VIX, which trades on a scale of 1-100, reached a session low of 15.04. It was last down 6.9% at 15.10.

TRUMP DECLARES NATIONAL EMERGENCY

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