Stocks – Wall Street Hits New Highs on Trade Deal Reports

Investing.com – The major stock indexes urged to new intraday highs, and the and indices closed at new records on reports that the United States and China have “an agreement in principle” on a phase one trade deal.

The closed up 0.8% at 3,168.57, breaking the old closing high of 3,153.63, set on Nov. 27. It also hit a new intraday high of 3,176.28. The Nasdaq finished up 0.73% to 8,717.32, after hitting an intraday high of 8,745.82. Both closes broke their old records set on Nov. 27.

The were up 0.79%, or 221 points, after hitting a new intraday peak of 28,224.95.

The trade deal, according to Bloomberg News, is expected to include “a significant increase in Chinese agricultural purchases” in exchange for the U.S. delaying a new round of tariffs scheduled to take effect Dec. 15 and a reduction in existing levies.

A final text hadn’t been approved.

President Donald Trump tweeted early in the day a deal was near and stocks took off at the open, with the rising as many as 314 points. The market pulled back, cutting the gains by more than half, and then moved higher on more reports of a deal.

The euphoria pushed at least 206 stocks to new all-time or 52-week highs, including Apple (NASDAQ:), Microsoft (NASDAQ:), big banks and truck manufacturer PACCAR (NASDAQ:).

Twenty-seven of the 30 stocks were higher.

The biggest loser was Boeing (NYSE:), down 1%. The company withdrew its guidance it would get its 737 Max jetliner recertified this month and flying again early next year. Instead, the company will follow the lead of the Federal Aviation Administration. FAA administrator Stephen Dickson said Wednesday the approval would not come until next year – and wouldn’t put a specific date.

and interest rates were higher. fell.

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