Stocks surged on Tuesday after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit, boosting hope for a U.S.-China trade deal.
The Dow Jones Industrial Average jumped 400 points as Apple and Boeing outperformed. The S&P 500 climbed 1.4% while the Nasdaq Composite advanced 2%. The S&P 500 also traded within 1% its all-time intraday high of 2,954.13, which was reached May 1.
Trump said in a tweet he “had a very good telephone conversation ” with Xi. He added: “We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting.” The summit will start on June 28.