Stocks Climb on Trump Remark of “Many Trade Deals” Being Close

Stocks gained Friday as President Donald Trump suggested many trade deals are near, while also endorsing cutting the tariff rate on China before weekend talks.The Dow Jones Industrials retreated 55.54 points to 41,312.91.The S&P 500 index deleted 2.87 points to 5,661.07.The NASDAQ Composite fell 5.09 points to 17,924.05. Traders hope the U.K. agreement will establish a framework for the U.S. to quickly strike more deals with major nations, even though a 10% tariff rate on the U.K. appears to be the baseline for the globe.The president also wrote on Truth Social that an “80% Tariff on China seems right” ahead of talks lead by Treasury Secretary Scott Bessent with China counterparts in Switzerland this weekend.While this is a de-escalation somewhat from the current 145% tariff on China, it’s still higher than many expected where the administration would go to jumpstart talks. Bloomberg News had reported earlier that the rate could be lowered below 60% as soon as this week.It was also unclear if the president is talking about a long-term tariff rate on China or a temporary one during negotiations.Prices for the 10-year Treasury moved forward, lowering yields to 4.34% from Thursday’s 4.39%. Treasury prices and yields move in opposite directionsOil prices prospered 41 cents to $60.32 U.S. a barrel. Prices for gold revived $24.60 to $3,330.60 U.S.