The S&P 500 and Nasdaq closed in record territory on Friday with slight gains following news that the U.S. and China have agreed on Phase One of a trade deal.
The Dow Jones barely missed a record close as well but still ended up in positive territory at 28,135.38.
Stocks dipped Friday morning after the yield on the benchmark 10-year Treasury crossed 5% for the first time in 16 years and also following Fed Chair Jerome Powell's remarks on Thursday.
Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed's target level will likely require a slower-growing economy and job market.
