Investing.com - U.S. stocks surged Thursday after China said it has worked out a deal with the United States that removes some tariffs in a phase one trade deal.
But the rally was trimmed a bit after Reuters said internal disagreements in the Trump Administration were stalling a sign-off on the deal.
Still, the S&P 500, Dow Jones industrials, Dow Jones Transportation Average and the Nasdaq 100 indexes hit new intraday and closing highs. The Nasdaq Composite just missed a closing high but hit an intraday high.
The Dow was up 0.66% and the S&P 500 up 0.3%. The Nasdaq added 0.28%, with the Nasdaq 100 up 0.29%. The Dow transports were up 0.56%.
A host of stocks hit 52-week highs. Apple (NASDAQ:AAPL), JPMorgan Chase (NYSE:JPM), truck maker Paccar (NASDAQ:PCAR) and Walmart (NYSE:WMT) hit all-time highs.
Two stocks that didn't join the party were video streaming company Roku (NASDAQ:ROKU) and online travel company Expedia (NASDAQ:EXPE), which both reported disappointing quarterly results.
The China-U.S. deal calls for China to buy more farm products and let financial services compete for business, Chinese officials said. At the same time, tariffs scheduled to be imposed in December would be cancelled and others phased out.
But Reuters said disagreements inside the White House may stall the deal.
The two sides have been expecting U.S. President Donald Trump and Chinese President Xi Jinping to sign an agreement some time in December.
The big demand for stocks, especially early in the day, sent interest rates higher. The 10-Year Treasury yield reached as high as 1.95%, its highest level since the end of July, before falling back to 1.919% toward the end of the day. The 10-year yield had fallen to as low as 1.429% in early September.
The prospects of a trade deal slammed gold and silver prices in New York and pushed up copper. Crude oil moved higher.