Investing.com – Stocks pushed higher Thursday afternoon on reports the United States and China have mostly agreed on a phase one trade deal.
The S&P 500 was up 0.59% at 2:50 PM ET. The Dow Jones industrials added 0.65%. The Nasdaq Composite Index rose 0.4%. The Nasdaq 100 Index climbed 0.37%. Twenty-six of the 30 Dow stocks were higher.
The levels for the indexes were not as large as those seen early in the session when President Donald Trump tweeted that a trade deal was near. At their peak, the major indexes all hit new 52-week highs, and at least 206 stocks hit 52-week highs, including Apple (NASDAQ:AAPL), Merck (NYSE:MRK), Microsoft (NASDAQ:MSFT), Amgen (NASDAQ:AMGN) and truck builder PACCAR (NASDAQ:PCAR).
The deal, reportedly an agreement in principle, is being talked about still requires the president's signoff. It reportedly includes China's commitment to buy more farm products, protect intellectual property like tariffs and opens the Chinese market for financial services.
At the same time, the United States reportedly has agreed to cut tariffs imposed last fall and defer tariffs that could have been imposed on Sunday.