Wall Street close: Benchmarks rip to record highs on imminent Sino/US trade deal
- DJIA was rising 221 points, or 0.8%, to close at roughly 28,132.
- The S&P 500 index ending the day 27 points, or 0.8% higher, at about 3,169.
- Nasdaq Composite adding 63 points, or 0.7% to close at around 8,717.
The US benchmarks on Thursday rallied on the news that a Sino/US trade deal was imminent and being constructed to prevent tariffs kicking in on the looming China tariff deadline. A late confirmation of a flow of prior bullish headlines sealed rhe deal for Wall Street's bulls.
US President Donald Trump originally tweeted that the States was “getting VERY close to a BIG DEAL with China”. This was then backed up from a report in the Wall Street Journal detailing how US negotiators were going to offer to slash existing tariffs, which cover roughly $360 billion of Chinese goods, by 50% and how the US was also willing to cancel the next round of China tariffs, planned to take effect on another $156 billion of Chinese goods on December 15. Then, lastly, Bloomberg TV announced that the US reached a deal in principle with China that now awaited Trump's signing. Wall Street cheered the good news all day long into the close.
US stock benchmarks touched record highs
Subsequently, all three major US stock benchmarks touched record highs with the Dow Jones Industrial Average, DJIA, rising 221 points, or 0.8%, to close at roughly 28,132, the S&P 500 index ending the day 27 points, or 0.8% higher, at about 3,169 and the Nasdaq Composite adding 63 points, or 0.7% to close at around 8,717.
DJIA levels
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
