US stocks post record highs after US and China reach trade deal in principle

US stocks surged today, as Nasdaq and S&P 500 extended their gains to fresh record highs, after reports of the US reaching a trade deal "in principle" with China.

Bloomberg, citing sources close to talks, reported that US and China have agreed on the terms of the phase one trade deal in principle, pending the President Donald Trump’s signature.

Which came after President Trump said that the US is getting very close to a big deal with China, without giving any further details.

Data showed today that PPI was stable in November, and the the unemployment claims rose by 49K to 252K during the last week.

To the oil market, West Texas Intermediate (WTI) rose by 0.7% and closed at $59.18 a barrel, with a high of $59.7 and a low of $58.7.

Brent climbed 0.75% to $64.20 a barrel, and hit a high of $64.8 and low of $63.8.

As for stocks, Dow Jones surged 0.8% or 220 points to close at 2,8132, and hit an intraday high of 2,8224 and a low of 2,7859.

Nasdaq rose 0.7% or 63 points to 8,717, with a high of 8,745 and a low of 8,633.

S&P 500 jumped 0.8% or 27 points to settle at 3,168, and hit a high of 3,176 and a low of 3,138.