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Stocks jumped in early trading Thursday after President Donald Trump said China and the U.S. were zeroing in on a trade deal.
The Dow Jones Industrials jumped 91.74 points to begin Thursday at 28,003.04,
The S&P 500 gained 11.07 points to 3,152.70
The NASDAQ added 24.32 points to 8,678.37
The major averages are up sharply for the year. The S&P 500 has jumped 25.3%, and Dow has popped 19.7%, year to date. The NASDAQ is up around 30%.
Broadcom. Inc, and Costco Wholesale are among the companies reporting earnings today.
Trump said in a tweet both sides were getting “VERY close to a BIG DEAL with China. They want it, and so do we!”
His tweet comes after a report that said Trump was meeting with his top trade officials on Thursday ahead of a Sunday trade deadline. If an agreement is not reached by then, additional U.S. levies on Chinese products will take effect.
Figures released Thursday by the U.S. Labor Department showed weekly jobless claims jumped last week by 49,000 to 252,000, their highest level since the week ended Sept. 30, 2017.
Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.84% from Wednesday’s 1.80%. Treasury prices and yields move in opposite directions.
Oil prices restocked 17 cents to $58.93 U.S. a barrel.
Gold prices improved $14.10 at $1,489.10 U.S. an ounce.
