US markets leap (again) on China trade war rumors

The Dow jumped about 300 points, or 1.2%, on Friday afternoon. The S&P 500 and Nasdaq also climbed around 1% each.

Markets gathered steam after Bloomberg News reported that China has offered to go on a "six-year buying spree" to boost imports from America. The goal would be to zero out China's massive trade surplus with the United States by 2024, the report said.

Wall Street remains very sensitive to developments on the US-China trade talks. Stocks briefly soared on Thursday on a separate report suggesting the US could ratchet back tariffs on China in a bid to calm markets and accelerate negotiations.

China-sensitive stocks benefited from the headlines. Boeing (BA) and Caterpillar (CAT) climbed more than 1% apiece, while Deere (DE) and Nvidia (NVDA) advanced nearly 3%.

Boosted by hopes of progress on the trade war, all three major US indexes have climbed about 3% on the week. They are on track for a fourth consecutive week of gains.

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