The Dow Jones Industrial Average jumped 450 points in pre-market trading after a purported "truce" in trade hostilities between China and the United States at the G-20 summit. The White House announced it will delay a scheduled tariff hike of $200 billion in Chinese goods that was set to take effect on Jan. 1. China has agreed to not raise tariffs on U.S. goods at the New Year deadline as well.
In addition, U.S. President Donald Trump tweeted this morning that China has agreed to slash tariffs on U.S.-made automobiles. Oil prices popped as much as 5% on optimism from the truce, which is a stark change in policy after months of escalating tensions between the world's top two economies. Markets hope that a deal will restore confidence in global growth and restore stability at a time that markets are teetering.
Here are the numbers from Friday for the Dow, S&P 500, and Nasdaq:
Now, here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.
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