What happened to the stock market Thursday: Trade deal is ‘close’

What happened to the stock market Thursday: Trade deal is 'close'

Traders work on the floor of the New York Stock Exchange (NYSE) on July 10, 2019.

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Dow Jones Industrial Average jumps 220 points

The Dow gained 220.75 points, or 0.79%, to 28,132.05. The S&P 500 rose 0.86% to end the day at 3,168.57. The Nasdaq Composite advanced 0.73% to 8,717.32. Stocks hit record highs on hopes that a U.S.-China trade deal would be reached, avoiding another escalation in the trade war between the two countries.

Trump: Trade deal is ‘very close’

Stocks rallied to record highs after President Donald Trump tweeted China and the U.S. were “very close” to reaching a “big deal” on trade. CNBC later learned through sources that a “phase one” trade deal had been agreed to in principle. The news comes ahead of a Sunday deadline. If a deal is not reached by then, additional U.S. tariffs on Chinese imports would take place. Signing this deal would lift a major cloud of concern from Wall Street.

Chip stocks and banks rise

What happens next?

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