The Dow Jones rallied by as many as 500 points Friday after President Donald Trump announced that he was getting closer to a trade deal with China.
After the president announced “phase one” of a trade deal was complete, the markets rallied. The Dow Jones closed up roughly 320 points at final bell Friday. (RELATED: ‘He Was Shaking’: Trump Mocks Steve Kerr’s ‘Pandering’ To China)
JUST IN: President Trump announces a “phase one” trade deal with China https://t.co/aYIcGo5zvO pic.twitter.com/De2t0LOp35
— CBS News (@CBSNews) October 11, 2019
The markets have been in flux in recent months over the president’s trade war with the communist power. More than 50 global companies including big names such as Apple and Dell pulled their production out of China due to concerns over the future economic relationship between the two countries. (RELATED: Trump Calls Himself ‘The Chosen One’ To Take On China)
The trade war had been a significant step back for the Trump administration’s historic economic accomplishments. The Dow Jones has set over 100 records since Trump took office in Jan. 2017, and peaked last year the day after Christmas, when the Dow posted its biggest point gain in history, rising by 1,086 points.