Just two months ago, the markets seemed to be in crisis as investors despaired over the effects of President Donald Trump’s sweeping set of tariffs. Now, the markets are jubilant.
Late Friday morning New York time, the S&P 500 notched a new all-time high of 6,184 points as the stock index jumped 0.7% over the past three hours. The Nasdaq also hit an all-time high of 20,310 as it rose 0.65% since markets opened. The Dow Jones was up 1.1% and flirting with its own record.
The rally came after Trump said Thursday at a White House event that his administration had just signed a trade deal with China. The 47th president did not initially provide details, but Treasury Secretary Scott Bessent said Friday during an interview on Fox Business Network that he expects China’s supply of rare earth minerals to flow back into the U.S. A Chinese government official later confirmed that the People’s Republic will speed up its export of minerals like dysprosium and terbium, which are used for heat-resistant magnets.
Bessent also said that the U.S. has 18 “important trading partners” with whom the federal government is negotiating. He said he expects those deals to be struck by Labor Day, a longer timeline than the initial July 9 deadline he had previously prescribed.
This story is developing and will be updated.
This story was originally featured on Fortune.com
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