All three major U.S. stock benchmarks touched record highs Thursday after reports that the U.S. and China had agreed to terms for a phase-one trade deal that would involve canceling planned tariffs, set to go into effect Dec. 15, and rolling back of existing tariffs on $360 billion in annual imports from China. The Dow Jones Industrial Average DJIA, +0.79% rose 221 points, or 0.8%, to close at roughly 28,132, the S&P 500 index SPX, +0.86% ended the day 27 points, or 0.8% higher, at about 3,169 and the Nasdaq Composite index COMP, +0.73% gained 63 points, or 0.7% to close at around 8,717. Those closing levels representing new records for the S&P and Nasdaq, while all three indexes set new intraday highs. President Trump tweeted Thursday, shortly after the start of trade, that the U.S. was getting "very close to a big deal with China," and the statement was followed by a report in the Wall Street Journal that the impending agreement would involve canceling planned Dec. 15th tariffs and rolling back existing tariffs by as much as half, and could involve firm commitments by the Chinese to purchase large quantities of agricultural and other products. The deal will also reportedly address issues related to intellectual property rights and allowing U.S. financial firms to do business in China. Bloomberg News later reported that the deal has been finalized and is awaiting the president's approval. The trade news comes one day after Federal Reserve Chair Jerome Powell signaled that the central bank will likely refrain from raising interest rates absent signs of sustained higher inflation, a move that was also seen as fueling the bullish sentiment on Wall Street.
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December 13, 2019 at 04:06AM
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S&P, Nasdaq close at record highs after reports of U.S-China deal to roll back tariffs - MarketWatch
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