US stocks rise after Chinese officials say that a phase one trade deal has been reached with the US, averting tariffs that were set to kick in on Sunday
New York Stocks were flat Friday after Chinese officials said that a phase one deal had been reached with the United States that would avert an escalation of the trade war and higher tariffs that were set to kick in on Sunday. President Trump confirmed the news in a series of tweets.
It was a choppy day of trading though, with stocks powering ahead shortly after the open before pulling back after all the news was released.The Dow initially rose more than 150 points and hit a new intraday all-time high in the process before pulling back to more modest gains That followed a more than 220 point jump Thursday on reports that a tentative trade agreement had been reached.China's Commerce Ministry held a press conference Friday to discuss the progress in the trade talks.
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