Stocks gain on strength in tech

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 second-quarter results and healthy profit outlook.

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.

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.