U.S. stocks jumped sharply at the opening bell, pushing the broad-based S&P 500 to an all-time intraday high, after President Donald Trump agreed to hold off on the imposition of further tariffs on Chinese imports after a meeting with China's leader Xi Jinping.
The S&P 500 rose 1% to around 2,972. The Dow Jones Industrial Average advanced 245 points, or 0.9%, to 26,845. The Nasdaq Composite surged 1.7% to 8,142. The S&P 500 reached an intraday record around 2,964, last set in June 21. Equities climbed after a meeting between President Donald Trump and China President Xi Jinping resulted in a detente on trade.
Trump agreed to put off tariffs on another $300 billion of imports, and allowed U.S. companies to supply components again to Huawei. In company news, shares of Applied Materials Inc. rose 4.7% after the chip equipment company said that it would buy Kokusai Electric.