Here’s what happened to the stock market on Thursday

Here’s what happened to the stock market on Thursday

(*)(**)Dow Jones Industrial Average rallies (******************************) points(***)(****)The (*****)Dow(******) gained (******************************).(*****************************************) points, or 0.(***********************************)% to close at (****************************************),(***************************).(**********************************). The (*******)S&P (****************************)(******) gained 0.(****************************************)% to end the day at 3,(*********************************).(******************************************). The (********)Nasdaq Composite(******) advanced 0.(***************************************)% to 8,(*****************************),(*************************************). News that the U.S. and China are willing to roll back tariffs to reach a trade deal sparked a sharp rotation out of bonds and into stocks, propelling the major indexes to fresh record levels.(*********)(**)Trade news lifts stocks to records, crushes bonds(***)(****)A Chinese Commerce Ministry spokesman said China and the U.S. agreed to (**********)simultaneously cancel some existing tariffs(******) on one another’s goods, according to the country’s state broadcaster. A U.S. official also said both sides agreed to the tariffs rollback, according to Reuters. Wall Street interpreted the news as both sides making strong progress toward a trade deal being reached, pushing stocks to records. The move in stocks to all-time highs came at the expense of the bond market. The (*********************************************)-year Treasury yield had its biggest upward move since the (**************************) election, pushing down the price. To be sure, a U.S.-China trade resolution is not (*******************************)% certain at this point. Stocks lost some steam in late-afternoon trading after Reuters reported the tariff rollback is facing opposition within the White House.(*********)(**)Banks rise, Ralph Lauren surges(***)(***********)(****)Bank stocks rose broadly along with yields. (************)Bank of America(******) closed 1.(**************************************)% higher while (*************)Citigroup(******) and (**************)J.P. Morgan Chase(******) advanced 1.(********************************)% and 0.(************************************)%, respectively. (***************)Ralph Lauren(******), meanwhile, surged (*******************************************).(***********************************)% on the back of quarterly results that easily beat analyst expectations.(*********)(****************)(**)What happens next?(***)(***********)(****)Investors will digest consumer sentiment data on Friday to end the week. Meanwhile, Disney is scheduled to release its quarterly earnings after the close Thursday. Read more (*****************)here(******).(*********)(****)(******************)(*******************)(********************)Subscribe to CNBC on YouTube.(*********************)(**********************)(******)(*********)(****************)(****************)(***********************)(************************)Read More(******)

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