Tariff Rollback Catapults Markets, Dow at New Record


Stocks rallied to record highs on Thursday after China said the world’s two largest economies had agreed to remove existing trade tariffs, lifting expectations around a possible resolution to the ongoing U.S.-China trade war.


The Dow Jones Industrials got some hitch in their "giddyup", gaining 206.13 points to 27,698.69, as trade bellwethers Caterpillar and Boeing were both up at least 1.2%.


The S&P 500 added 17.27 points to 3,094.05, as the financials sector gained 0.8%. Energy stocks also advanced 1.1%.

The NASDAQ tacked on 60.76 points, to 8,471.38,


Chip stocks such as Micron Technology, Advanced Micro Devices and Skyworks Solutions all gained more than 1%. Apple shares advanced 0.9%.


In corporate news, Booking Holdings, Disney and Activision Holdings are the companies set to report their latest quarterly figures after market close.


Qualcomm shares jumped more than 7% after reporting Wednesday quarterly results that topped analyst expectations. The company’s results were driven by strength in Qualcomm’s licensing business.


In corporate news, Booking Holdings, Disney and Activision Holdings are the companies set to report their latest quarterly figures after market close.


Qualcomm shares jumped more than 7% after reporting Wednesday quarterly results that topped analyst expectations. The company’s results were driven by strength in Qualcomm’s licensing business.


Gao Feng, a ministry spokesperson for China’s Commerce Ministry, said that both sides had agreed to simultaneously cancel some existing tariffs on one another’s goods, according to the country’s state broadcaster. The ministry spokesperson said that both sides were closer to a so-called "phase-one" trade agreement following constructive negotiations over the past two weeks.


Prices for the benchmark 10-year U.S. Treasury slumbered, raising yields to 1.90% from Wednesday’s 1.82%. Treasury prices and yields move in opposite directions.


Oil prices gained 62 cents to $56.97 U.S. a barrel.


Gold prices chopped $9.10 to $1,484 U.S. an ounce.



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