stock markets nov 2019 US China trade
Reports that the US has agreed to a rollback of tariffs on Chinese goods if 'phase one' of the long-awaited trade deal is sealed have sent markets to a record high.

A US official has confirmed the arrangement to roll back tariffs, Bloomberg reported on Thursday afternoon.

The Dow Jones gained 246.34 points, with companies like Caterpillar and Boeing up at least 1.2 percent. Meanwhile, the S&P 500 added 17.27 points, rising to 3,094.05. Energy stocks jumped 1.1 percent.

US President Donald Trump tweeted that the stock market was "up big" on Thursday morning. "A New Record. Enjoy!" he wrote.

China's Commerce Ministry said Thursday that the two countries had agreed to roll tariffs back in phases, with the first phase of the deal to be signed in the coming weeks.

The agreement comes as Trump prepares to meet Chinese President Xi Jinping in the coming weeks to discuss the deal and sign the first phase.

The meeting had been set to take place at the APEC Summit which was canceled by Chile amid ongoing anti-government protests. A new venue for the signing has not yet been confirmed.