US stocks rose Thursday after the US and UK announced a deal on trade that would lower some tariffs and restrictions between the two countries.
- The S&P 500 rose 32.66 points, or 0.6%, to 5,663.94, marking its 11th gain in the last 13 days.
- The Dow Jones Industrial Average rose 254.48 points, or 0.6%, to 41,368.45.
- The Nasdaq composite rose 189.98 points, or 1.1%, to 17,928.14.
Stocks got a boost after President Trump gave potentially encouraging updates on upcoming talks with China, but some of the gains faded late in the day, the
AP reports. Bitcoin jumped above $101,000, crude oil prices climbed, and the price of gold eased back as investors felt less need for safety.
Treasury yields jumped on bets that more trade deals with other countries would mean the Federal Reserve won't need to cut interest rates as sharply in order to prop up the economy. Stocks and other financial markets have been swinging for weeks with hopes that Trump could reach such deals that would lower his tariffs, which many investors believe would cause a recession if left unchecked. Trump on Thursday lauded what he called a "maxed-out trade deal" with the United Kingdom, which will keep 10% tariffs on UK products but would lower taxes on Rolls-Royces and other UK automobiles in exchange for greater access in the UK market for US beef, ethanol, and other products.
Asked Thursday whether he would consider lowering tariffs if this weekend's talks between US and Chinese officials go well, Trump said: "It could be. We're going to see. Right now, you can't get any higher. It's at 145. So we know it's coming down." He also said he expects the talks in Switzerland to be "substantive." Besides hopes for deals on trade, strong profit reports from US companies have also helped to drive the S&P 500 closer to its all-time high set in February. It's back within 7.3% after dropping nearly 20% below the mark a month ago. Axon Enterprise, the company that sells Tasers, body cameras, and other public safety equipment, jumped 14.1% after it raised its forecast for revenue over the full year.
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Tapestry rose 3.8% after the company behind the Coach and Kate Spade brands also reported better profit and revenue than expected. Molson Coors, though, warned of uncertainty amid a "volatile" global macroeconomic environment when it released its latest quarterly results, which fell short of analysts' expectations. Its stock fell 4.5%. Krispy Kreme tumbled 24.7% after withdrawing its forecasts for the full year. The doughnut seller said it made the move in part because of "macroeconomic softness" and because it's pausing the rollout of sales of its doughnuts at more McDonald's restaurants. (More stock market stories.)
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