Stocks jumped to all-time highs on 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 Dow Jones Industrial Average traded 200 points higher, or 0.7%. The S&P 500 also surged 0.7% along with the Nasdaq Composite. Thursday marked the first time since Nov. 27 that the major averages hit record highs.
Dow Jones later reported U.S. negotiators are offering to cancel new China tariffs and reduce existing levies on Chinese goods by up to 50% on $360 billion worth of imports. However, the report also said the original tariffs would be reimposed if China fails to carry out its end of the deal.
MacDailyNews Take: Here’s the animating tweet:
Getting VERY close to a BIG DEAL with China. They want it, and so do we!
— Donald J. Trump (@realDonaldTrump) December 12, 2019