Dow, S&P 500, and Nasdaq hit record highs after White House economic advisor Kudlow signals U.S.-China trade deal getting close

The Dow Jones Industrial Average hit a new record high today after the Trump administration’s National Economic Council director Larry Kudlow said China and the U.S. were getting close to reaching a trade deal.

Fred Imbert for CNBC:

The 30-stock average traded 103 points higher, or 0.4% at the open. The S&P 500 and Nasdaq Composite also made new all-time highs, climbing 0.4% and 0.6%, respectively.

Trade-sensitive names such as Caterpillar, Boeing, Apple and Micron Technology all rose at least 0.5%. Gold, meanwhile, fell 0.4% to $1,467.60 per ounce as safe-haven assets pulled back broadly.

Kudlow, the National Economic Council director, said Thursday that a deal between the two nations was approaching, highlighting constructive discussions with Beijing.

MacDailyNews Take: Hopefully a deal is reached that brings more balance to the U.S.-China trade equation.

I’m cognizant that in both the U.S. and China, there have been cases where everyone hasn’t benefited, where the benefit hasn’t been balanced. My belief is that one plus one equals three. The pie gets larger, working together. — Apple CEO Tim Cook, March 24, 2018

At least half of the popular fallacies about economics come from assuming that economic activity is a zero-sum game, in which what is gained by someone is lost by someone else. But transactions would not continue unless both sides gained, whether in international trade, employment, or renting an apartment. — Thomas Sowell, June 14, 2006

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