US stocks jump on trade progress

Stocks closed sharply higher Friday as the U.S. and China reached a partial deal on trade and said they would continue negotiating.
By  | 

NEW YORK (AP) Stocks closed sharply higher Friday as the U.S. and China reached a partial deal on trade and said they would continue negotiating.

President Donald Trump agreed to suspend an increase in tariffs on $250 billion in Chinese goods due to kick in Oct. 15.

In exchange, China agreed to boost purchases of U.S. farm products.

Technology and industrial companies led the gains.

The Dow Jones Industrial Average rose 319 points, or 1.2%, to 26,816, although the index was up 500 points just as Mr. Trump announced the deal.

The president did not mention any action regarding $160 billion in tariffs set to go into effect on Dec. 15.

The S&P 500 rose 32 points, or 1.1%, to 2,970.

The Nasdaq rose 106, or 1.3%, to 8,057.

Bond prices fell.

The yield on the 10-year Treasury jumped to 1.73%.