Wall Street Hits Record Highs After Reports U.S. ‘Very Close’ To China Trade Deal As Deadline Looms

The stock market rallied to new all-time highs on Thursday after numerous reports, and a tweet from President Donald Trump, pointed to a possible phase one trade deal with China—even as the crucial December 15 tariff deadline looms nearer.

Both the S&P 500 and Dow Jones Industrial Average surged on the news, each rising over 1% in morning trading, with the former hitting a new record high before both indexes pared back gains somewhat. this morning that the U.S. was “getting VERY close to a BIG DEAL with China” and that both sides want to work out an agreement. followed soon after, detailing how U.S. negotiators have recently offered to slash existing tariffs, which cover roughly $360 billion of Chinese goods, by 50%.

The U.S. is also willing to cancel the tariffs planned to take effect on another $156 billion of Chinese goods on December 15, theIn return, the U.S. is pushing for China to commit to additional purchases of agricultural and other products, better protection of U.S. intellectual property rights and allowing greater access to China’s financial services sector, according to the Wall Street Journal. “snap back” tariff rates and return them to their original levels.

“In any type of negotiation, close doesn’t mean done... The market is optimistic in that regard, but we’re still waiting for final confirmation,” says Mark Freeman, chief investment officer at Socorro Asset Management. “How things go from a market standpoint is dependent on what gets done—or what doesn’t get done, by Sunday.” He points out that while the market is positioned for a truce or phase one deal, the clear risk to stocks would be for negotiations to completely fall apart.

The recent trade news comes after the Federal Reserve’s Wednesday decision to hold interest rates steady through at least 2020, as Fed officials take a wait and see approach going into next year. Wall Street has continued to

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