Posted By: Renee Anthony

1. Here’s what happened to the stock market on Friday

President Donald Trump said China and the U.S. agreed to the first phase of a broader trade deal. He said the terms of that phase will be written over the next three weeks. Stocks hit their session highs on that comment, with the Dow briefly rallying more than 500 points.

2. Banks face $1.2 billion civil lawsuit over rigging currency markets

Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and UBS are facing a £1 billion ($1.23 billion) class action lawsuit over rigging the foreign exchange markets — one of the biggest cases of its kind in the UK.

It comes just months after European regulators hit many of the same banks with a €1 billion-plus penalty for manipulation of these same markets between 2007 and 2013.