All 3 major US stock indexes spike to record highs on new trade optimism

Getty Images / Spencer Platt

US stocks climbed to record highs on Thursday after the US and China agreed to remove existing tariffs, allaying fears of a prolonged trade war between the two countries.

Here’s a look at the major indexes as of 11:20 a.m. on Thursday:

“In the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement,” Gao Feng, a Chinese Commerce Ministry spokesman, said on Thursday, according to Bloomberg.

The news gave anxious investors hope that a resolution could eventually be reached to end the yearlong trade spat. Optimism about a deal between the US and China has helped stocks notch record highs several times over the past two weeks.

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Here are the top five performers in the S&P 500 on Thursday:

Technology, financials, and energy stocks rose more than 1.2%, offsetting a 1.5% loss in utilities. Industrials gained 0.7%, while communications fell 0.35% and consumer staples shed 0.25%.