THURSDAY – Stocks jumped in early trading Thursday after President Donald Trump said China and the U.S. were zeroing in on a trade deal, lifting hope that an agreement will be reached before a key deadline.
The S&P 500 hit a record high, rising 0.9%. The Dow Jones Industrial Average traded 250 points higher, or 0.9%. The Nasdaq Composite advanced 0.8%.
Trump said in a tweet both sides were getting “VERY close to a BIG DEAL with China. They want it, and so do we!”
His tweet comes after Reuters reported that Trump was meeting with his top trade officials on Thursday ahead of a Sunday trade deadline. If an agreement is not reached by then, additional U.S. levies on Chinese products will take effect.
Stocks started December on the wrong foot as worries around U.S.-China trade relations increased. In the first two sessions of the month, the Dow lost more than 500 points.
Still, the major averages are up sharply for the year. The S&P 500 and Dow have jumped 25.3% and 19.7%, respectively, year to date. The Nasdaq is up around 30%.
