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Stocks were higher Thursday after President Donald Trump announced that a trade deal between the U.S. and United Kingdom had been struck.
The Dow Jones Industrials hiked 199.24 points to 41,313.21.
The broader index took on 28.11 points to 5,659.39.
The NASDAQ Composite jumped 119.97 points to 17,858.13.
Tech shares rose, boosted on news Wednesday that the Trump administration is preparing to rescind Biden-era artificial intelligence chip controls that would have taken effect later this month.
Nvidia traded about 0.5% higher, and Intel climbed 3.3%. AMD traded more than 3% higher as well. Megacaps Meta Platforms and Amazon advanced more than 1% each, and Tesla popped over 3%.
Thursday’s moves come after a winning session on Wall Street that saw volatile moves, as investors digested the latest Federal Reserve policy announcement and monitored for signs of progress on trade deals. Market participants share increasing worries that a global trade war could send prices higher and worsen inflationary pressures.
The Fed on Wednesday kept its benchmark overnight borrowing unchanged, as expected. Fed Chair Jerome Powell said during his post-decision press conference that if announced tariffs remain at their current levels, they could lead to a slowdown in economic growth, a spike in long-term inflation and greater unemployment.
Prices for the 10-year Treasury settled back, raising yields to 4.31% from Wednesday’s 4.28%. Treasury prices and yields move in opposite directions
Oil prices sprinted $1.68 to $59.75 U.S. a barrel.
Prices for gold backed off $28.20 to $3,363.70 U.S.