US Stock Market LIVE: US stocks are rallying on Thursday (May 8) after the United States and United Kingdom announced a deal on trade that would lower some tariffs and restrictions between the two countries, the first of what Wall Street hopes will be enough agreements to keep a recession from hitting the economy. The S&P 500 was 1.4% higher in midday trading and on track for an 11th gain in the last 13 days. The Dow Jones Industrial Average was up 566 points, or 1.4%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 1.8% higher.
US Stock Market LIVE: US stocks are rallying on Thursday (May 8) after the United States and United Kingdom announced a deal on trade that would lower some tariffs and restrictions between the two countries, the first of what Wall Street hopes will be enough agreements to keep a recession from hitting the economy. The S&P 500 was 1.4% higher in midday trading and on track for an 11th gain in the last 13 days. The Dow Jones Industrial Average was up 566 points, or 1.4%, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 1.8% higher. It wasn’t just stocks. Bitcoin jumped back above $101,000, and crude oil prices climbed, while the price of gold eased back as investors felt less need for safety. Stocks and other financial markets have been swinging for weeks with hopes that President Donald Trump could reach deals with other countries that would lower his tariffs, which many investors believe would cause a recession if left unchecked. Trump on Thursday lauded what he called a “maxed-out trade deal” with the United Kingdom, which will keep 10% tariffs on U.K. products but would lower taxes on Rolls-Royces and other U.K. automobiles in exchange for greater access in the U.K. market for U.S. beef, ethanol and other products.