Stocks rise after report for the tariffs

Stocks rose on Thursday on the back of a report that said the U.S. could ease tariffs on Chinese goods during their trade negotiations with China.

That idea was floated by Treasury Secretary Steven Mnuchin, which cited people close to the matter. The report, however, added that Mnuchin faced pushback from U.S. Trade Representative Robert Lighthizer, who thinks any concession could be seen as a sign of weakness.

The report sent stocks to their highs of the day, with the Dow Jones Industrial Average rising more than 250 points. The S&P 500 and Nasdaq Composite both rose about 1 percent following the report.

However, the major indexes came off their highs after a Treasury Department spokesperson working with the trade team said:"Neither Secretary Mnuchin nor Ambassador Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China. This is an ongoing process with the Chinese that is nowhere near completion."

The Dow closed up 163 points, lifting itself out of correction territory. The S&P 500 ended the day up 0.76 percent while the Nasdaq climbed 0.7 percent.

Back in December, China and the U.S. agreed to stop slapping tariffs on each other's goods for 90 days while they tried to strike a deal on trade. Recent data has shown signs of weakness in China's economy.

Source: CNBC

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