Stocks jumped on Thursday after China said it wished to resolve its protracted trade dispute with the world’s largest economy with a “calm ” attitude.
The Dow Jones Industrial Average traded 350 points higher, or 1.4%. The S&P 500 gained 1.3% while the Nasdaq Composite advanced 1.5%.
When asked about its ongoing trade war with the U.S., China’s commerce ministry said Thursday that it was opposed to escalating trade tensions, hinting Chinese authorities will not retaliate against the latest round of U.S. tariffs.
Trade bellwethers Boeing and Caterpillar rose at least 0.8% each while Deere traded 2.5% higher. Micron Technology gained 3.7%.
The U.S.-China trade war escalated earlier this month when China unveiled new levies on $75 billion worth of U.S. products. President Donald Trump then announced he would raise tariffs on a slew of Chinese goods starting in September.