The S&P 500 and Nasdaq closed at all-time highs Thursday on renewed optimism that the U.S. and China are close to reaching a deal in their costly trade war. Financial, technology and health care stocks powered much of the rally, which gave the S&P 500 its second straight gain and erased its losses from earlier in the week. Bond yields surged and real estate companies, utilities stocks and household goods makers fell as investors shifted money away from safe-play investments. The market has been quick to react to headlines and remarks out of the Trump administration about the 16-month trade war, and Thursday was no different. Shares jumped in the early going after President Trump said that the U.S. is getting close to a “big deal” with China. Traders were also encouraged by a Wall Street Journal report saying Washington has offered to slash existing tariffs and cancel new ones set to kick in on Sunday in exchange for more agricultural purchases and intellectual property protection. “If we do see the tariffs removed, that’s saying, ‘OK, China must be agreeing to things or we must be right there,’” said Ben Phillips, chief investment officer at EventShares. “That’s why the market… Read full this story
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