The major stock indexes surged higher Friday on signs that the U.S. and China may have reached “partial deal” on trade issues.
President Donald Trump said that “good things are happening” in the trade negotiations. Treasury Secretary Steven Mnuchin said the talks were productive. Reports, citing anonymous sources, say a partial deal has been reached.
Stocks rallied on the news. The Dow Jones Industrial Average was up 420 points at around a quarter past two o’clock Friday.
“Warmer feelings than in recent past, more like the Old Days,” Trump tweeted. “I will be meeting with the Vice Premier today. All would like to see something significant happen!”
Good things are happening at China Trade Talk Meeting. Warmer feelings than in recent past, more like the Old Days. I will be meeting with the Vice Premier today. All would like to see something significant happen!
— Donald J. Trump (@realDonaldTrump) October 11, 2019
In a briefing to reporters about potential sanctions on Turkey, Treasury Secretary Steven Mnuchin declined to provide details about the negotiations but said the two days of talks had been “productive.”
Bloomberg News reported on Friday afternoon that the U.S. and China “reached a partial agreement Friday that would broker a truce in the trade war and lay the groundwork for a broader deal that Presidents Donald Trump and Xi Jinping could sign later this year.”
Bloomberg, citing anonymous sources, said that the agreement was tentative and would involve China making “agricultural concessions” and the U.S. providing “some” tariff relief.