Stocks Ended Higher as US-China Deal Terms Reached in Principle

U.S. stocks ended sharply higher on Thursday, with All three major benchmarks touching record highs, after reports that the U.S. and China had agreed to terms for a phase-one trade deal. The Dow Jones Industrial Average rose 220.75 points, or 0.79%, to 28,132.05. The S&P 500 added 26.94 points, or 0.86%, to 3,168.57. The Nasdaq Composite gained 63.27 points, or 0.73%, to 8,717.32.

Oil futures settled higher on Thursday, following a tweet from President Donald Trump that hinted the U.S. was close to a trade deal with China. West Texas Intermediate crude for January delivery picked up 42 cents, or 0.7%, to settle at $59.18 a barrel. February Brent crude gained 48 cents, or 0.8%, to settle at $64.20 a barrel.

The White House has reached a “deal in principle” with Beijing to resolve the 17-month U.S.-China trade war, according to a source briefed on the trade talks.