Here's what happened to the stock market on Friday

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Here's what happened to the stock market on Friday
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Positive commentary on U.S.-China trade talks propelled the major averages to fresh record highs.

White House economic advisor Larry Kudlow said Thursday night that China and the U.S. were "" to signing a phase-one trade agreement. That was all Wall Street needed to push stocks to new all-time highs on Friday.

Kudlow's comments came after reports earlier this week suggested both sides were struggling with some of the terms in the phase-one agreement. The S&P 500 posted its sixth straight week of gains, while the Nasdaq notched a seven-week winning streak.

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