Stocks rallied to record highs on Thursday after China said the world’s two largest economies had agreed to remove existing trade tariffs, lifting expectations around a possible resolution to the ongoing U.S.-China trade war.
The Dow Jones Industrial Average climbed 250 points, or 0.97% as trade bellwethers Caterpillar and Boeing were both up at least 1.5%. The S&P 500 rose 0.6% as the financials sector gained 1.1%. Energy stocks also advanced 1.4% while tech and communications services advanced 1.2% each. The Nasdaq Composite, meanwhile, advanced 0.8%.
Chip stocks such as Micron Technology, Advanced Micro Devices and Skyworks Solutions all gained more than 1%. Apple shares advanced 1.1%.