NEW YORK (Pakistan Point News / Sputnik - 13th December, 2019) US stocks closed up on Thursday after hitting record highs largely based on media reports that the United States had reached a preliminary trade agreement with China, which was awaiting President Donald Trump's signature.
The Dow Jones Industrial Average finished up 0.8 percent at 28,132 points, after a record high at 28,225.
The top 500 indicator for US stocks, the S&P 500, also rose 0.9 percent to finish at 3,168. It hit an all-time high of 3,176 earlier in the day.
The tech-heavy Nasdaq index gained 0.7 percent to close at 8,717. It peaked at 8,746 earlier in the day.
Stocks were up from mid-morning trade after Trump tweeted that China and the United States were very close to reaching a trade deal.
Media reports later said an agreement on the phase one of a trade deal had been reached in principle and Trump was readying to sign it.
According to the reports, China had committed to buy more US agricultural products; protect intellectual property like tariffs; and open the Chinese market for financial services.
The United States has reportedly agreed to cut tariffs imposed on Chinese imports since last autumn and defer new duties that could have been imposed this Sunday.
