Expectations were also rising for more rate cuts by the Fed, with the prospect of a more dovish Fed chair on the horizon and continued weak U.S. economic data.
On the trade front, a White House official said on Thursday the United States had reached an agreement with China on how to expedite rare earths shipments to the U.S.
Adding to tailwinds for investors, U.S. Treasury Secretary Scott Bessent asked Republicans in Congress to remove from their sweeping budget legislation a "retaliatory tax" proposal that targets foreign investors.
The next key for markets on Friday will be the release of the core PCE price index in the U.S., which could offer additional clues on the Federal Reserve's rate trajectory.
There have been few signs thus far that President Donald Trump's tariffs are causing the huge spike in domestic consumer prices that many investors had feared, although Fed officials have said it is still too early to tell.
Any downside surprise in Friday's PCE numbers could fuel bets on more easing by the Fed this year.
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