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Midday Wrap: Softening Trade War Tensions Lifts Markets

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Stocks were rising as investors looked beyond Amazon's disappointing earnings report to focus on progress in the U.S.-China trade negotiations.

The S&P 500 was trading above its all-time closing high as a U.S. trade representative said that a deal is close on phase one of a larger trade deal. 

The Dow Jones Industrial Average rose 196 points, or 0.73%, to 27,002, the S&P 500 climbed 0.47% and Nasdaq advanced 0.65% after opening the session in the red.

Amazon (AMZN)  paid the price for missing earnings estimates and guidance after the close on Thursday, falling more than 8% after-hours.

The e-commerce and cloud giant reported third quarter earnings per share of $4.23 versus consensus estimates for $4.59, while revenues of $69.98 billion beats a $68.83 billion consensus. For Q4, Amazon expects revenue of $80 billion to $86.5 billion, below an $87.39 billion consensus.

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