Investing.com – Wall Street closed at record highs Thursday, led by a rally in tech on easing geopolitical jitters amid reports that the partial U.S.-China trade deal would be concluded as soon as next week.
The S&P 500 jumped 0.67%, while the Nasdaq Composite surged 0.81% and the Dow Jones Industrial Average rose 0.74%. All three indexes closed at record highs.
China's commerce ministry said on Thursday that Vice Premier Liu He is set to sign the phase one trade deal in Washington next week.
With hopes running high that the world's largest two economies may find a resolution to their months-long trade war sooner rather than later, investors piled into mega-cap tech stocks.
Facebook (NASDAQ:FB) and Alphabet (NASDAQ:GOOG) rose more than 1% and Apple (NASDAQ:AAPL) advanded 2% as it continued into record territory.
An uptick in chip stocks also supported tech, underpinned by a rally in Advanced Micro Devices (NASDAQ:AMD).
Mizuho upgraded AMD to buy, saying the 2020 server market could be stronger than current consensus, raising the prospect of higher growth for the chipmaker.
Energy, meanwhile, turned from market foe to friend, ending the day higher as oil prices steadied following a rout Wednesday.
Investors have scaled back expectations for a disruption in Middle East oil supplies following President Donald Trump's decision to opt for sanctions on Iran rather than violence in response to the Islamic Republic's attack earlier this week.
In industrials, meanwhile, Boeing (NYSE:BA) pared some of Wednesday's losses, rising 1.50% as reports that Iran had accidentally shot down the Ukrainian International Airlines 737 jet calmed fears the aircraft maker was facing another operational problem within its fleet.