Newscasts - Wall Street gains as first trade deal reached
08/05/2025 23:44
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_r3id1w6w&referenceId=tag:reuters.com,2025:newsml_RW268908052025RP1_930&pageId=Newscasts Source: 'Reuters - Business videos' Description: U.S. stocks rose on Thursday as investors cheered a new trade agreement hammered out between the United States and Britain, while U.S. President Donald Trump signaled upcoming talks with China would be more substantial than initially thought. Alex Cohen produced this report. Short Link: https://refini.tv/3EY24Gs Video Transcript: Stocks climbed Thursday as investors cheered a new trade deal between the US and Britain, while President Donald Trump signaled upcoming talks with China would be more substantial than initially thought. The Dow and S&P 500 each gained roughly 0.6%, while the NASDAQ rose more than 1%. Britain agreed to lower its tariffs and provide greater access to US goods as part of the trade agreement, while a 10% baseline tariff on goods imported from the UK into the US remains in place. Airline stocks shot higher as the agreement exempted plane parts made by Rolls-Royce from tariffs. Shares of Delta Air Lines closed up more than 7%. And shares of Boeing jumped after US Commerce Secretary Howard Lutnick said the UK would buy $10 billion worth of its planes. Mary Ann Bartels, Chief Investment Strategist with Sanctuary Wealth, says the deal provides more positive momentum for stocks. Today, we're having a great reaction and that's primarily due to the tariffs, again, coming to a resolution with the United Kingdom, with the UK. And I kind of feel with tariffs, it feels like two steps forward, one step back, two steps forward, one step back, but we're trending higher in markets. So, I really like the market reaction. I think it's doing very well. It doesn't mean that we can't have more volatility, but I think the worst is over for the markets. I think the low is already set. When it comes to China, Trump said he expects consequential negotiations between the US and Beijing this weekend and wouldn't be surprised if a deal was reached. Other stocks on the move included Tapestry, which gained after the owner of Coach and Kate Spade raised its annual forecasts. And shares of Krispy Kreme lost almost a quarter of their value after the doughnut chain became the latest to withdraw its full-year forecast.