American markets have been rallying to record highs following the announcement of a preliminary agreement with Beijing to resolve a year-long trade row that saw tariffs on billions of dollars worth of goods imposed by both sides.
NASDAQ closed 0.2 percent ahead on Friday, building on the previous day’s gains of 0.73 percent, while the S&P 500 performed similarly, retaining Thursday’s 0.86 percent jump and gaining slightly again – both remaining at all-time closing highs of 8,734 and 3,168, respectively. The DOW, meanwhile, saw less growth than Thursday’s 220-point leap, but nonetheless closed over 3 points ahead.
The “phase one” trade deal with Beijing, announced on Friday, will halt a scheduled US tariff hike that was set to take effect later this week, and will see Washington scale back existing levies on certain goods in phases. In return, China agreed to increase its purchases of US agricultural products up to $50 billion.
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