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U.S. stocks ended more than 1% higher on Friday though well off the day's highs after the announcement of a partial trade deal between the United States and China.

The United States and China agreed on Friday to the first phase of a deal to end a trade war, prompting President Donald Trump to suspend a threatened tariff hike, but officials said the agreement had to be put on paper and more work was required to get it finalized.

U.S. stocks ended more than 1% higher on Friday, but below their session highs, after the announcement of a partial trade deal between the United States and China.

President Donald Trump said on Friday the United States and China had come to a substantial phase-1 trade deal, reaching agreement on intellectual property, financial services and big agricultural purchases.

The United States and China agreed on Friday to the first phase of a trade deal covering agricultural purchases, currency and some aspects of intellectual property protections, and averting a threatened tariff hike, but President Donald Trump said more needed to be negotiated.

American Airlines Group Inc said on Friday it is negotiating a possible partnership with Brazil's Gol Linhas Aereas Inteligentes SA .

Citibank has agreed to pay a $30 million fine to settle charges of repeated violations of real estate holding rules and for failing to meet its commitment to take corrective actions, the U.S. Office of the Comptroller of the Currency (OCC) said on Friday.

A U.S. Bankruptcy Judge signaled support on Friday for a six-month pause to litigation led by 24 states against OxyContin maker Purdue Pharma LP to give the company time to settle thousands of lawsuits alleging it fueled a deadly nationwide opioid crisis.

U.S. stocks rose sharply on Friday as hopes grew that the talks between President Donald Trump and Chinese Vice Premier Liu He would culminate in a partial trade deal and delay planned U.S. tariff increases.

U.S. officials on Friday signaled good news was coming after a second day of trade talks with China ended, boosting investor hopes that the world's two largest economies would agree to cool the fires of their 15-month tariff war.

German carmaker Daimler is recalling hundreds of thousands of Mercedes-Benz vehicles including Sprinter van models over diesel emissions issues.

A fierce, wind-driven wildfire swept through foothills and canyons along the northern edge of Los Angeles on Friday, engulfing homes, closing roads and devouring acre upon acre of dry brush and chaparral as 100,000 residents were forced to flee.

Global stocks and the euro rallied on Friday on signs of progress in U.S.-China trade talks and hopes that Britain was moving closer to a smooth exit from the European Union.

Renault ousted chief executive Thierry Bollore on Friday, as the French carmaker and its Japanese partner Nissan seek to rekindle their alliance following the scandal-hit tenure of former alliance supremo Carlos Ghosn.

A fierce, wind-driven wildfire swept through foothills and canyons along the northern edge of Los Angeles on Friday, engulfing homes, closing roads and engulfing acre upon acre of dry brush and chaparral as 100,000 residents were forced to flee.