Reports of China meeting help stocks

U.S. stocks rose in light summer trading Friday on strength in technology hardware shares and optimism for a resolution in America’s trade dispute with China amid reports that President Donald Trump and Chinese President Xi Jinping will meet in November in an attempt to end the roadblock. Crude climbed to just below $66 a barrel, the dollar fell and Treasuries were stable.

All major equity benchmarks surged following the U.S.-China news. The S&P 500 Index erased an earlier decline and notched its sixth weekly advance in the last seven weeks. Department store chain Nordstrom Inc. was the best performing company in the benchmark as investors responded to its strong second-quarter results and healthy profit outlook for the year.

The Nasdaq 100 Index rebounded from weakness in semiconductors after Nvidia Corp. and Applied Materials Inc. warned after the market closed Thursday that their revenues were running below analyst forecasts. The Philadelphia Stock Exchange Semiconductor Index dropped 0.7 percent, its fourth consecutive decline.

“Investors should avoid the urge to become too bearish too quickly,” Brian Rauscher, chief portfolio strategist at Robert W. Baird & Co., wrote in a note to clients Friday. “We urge investors to keep their attention focused on the still robust backdrop of corporate profits.”

In Europe, equities rose despite weakness in banks and technology shares. Most Asian markets advanced.

Turkey’s lira erased an early gain and retreated after rising more than 15 percent in three days. A Turkish appeals court refused to release American pastor Andrew Brunson — who the Trump administration says is being held illegally — which the U.S. promised would trigger further sanctions in retaliation. With a holiday closing Turkey’s stock markets for most of next week, traders took a cautious tone.