Yahoo Finance NewsBreak: Stocks Soar as Hopes Grow for a Trade Deal
Investing.com – Markets rallied strongly for a third-straight day Friday after President Donald Trump tweeted that he had confidence a trade deal with China was close, although the market fell back slightly in the early afternoon.
The S&P 500 and the Dow Jones industrials were both up more than 1.4% at 12:52 p.m. ET. The Nasdaq Composite and the Nasdaq 100 Index had risen 1.7%. The Dow was up as many as 499 points in the late morning.
Apple (NASDAQ:AAPL) was a big winner, hitting a new all-time high of $235.16 before dropping back to $234.54, a 1.9% gain. Its market cap was at $1.06 trillion, close to Microsoft's (NASDAQ:MSFT) $1.07 trillion.
Other stocks hitting new highs included Walmart (NYSE:WMT), Home Depot (NYSE:HD), Target (NYSE:TGT) and biotech giant Celgene (NASDAQ:CELG).
Chinese Vice Premier Liu He was due to visit the White House Friday afternoon. The trade deal reportedly won't be as comprehensive as Trump has demanded, but it will include China buying more U.S. agricultural products and an expectation that new tariffs may not be imposed.
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