NEW YORK (Pakistan Point News / Sputnik - 12th October, 2019) US stocks jumped and were up for their first week in four after President Donald Trump announced that the United States had reached a substantial phase one trade deal with China.
Wall Street's broadest stock index, the Dow Jones Industrial Average, rose 1.2 percent on Friday while the blue-chip heavy S&P 500 rose 1.1 percent. For the week, the Dow and S&P 500 gained 0.9% and 0.6%, respectively, ending three straight weeks of losses. The tech-heavy Nasdaq index closed the week up 0.9%.
Trump said phase one of the bilateral agreement, which US and Chinese negotiators reached during talks in Washington this week, covered intellectual property, financial services, and purchases of agriculture goods. Phase two of the deal would focus on technology transfer and there might be a phase three, he added.
New US tariffs on Chinese goods that were set to go into effect on October 15 would also be halted, Trump said.
