Rising more than 200 points to peak at 25,364.31 during the day, the Dow Jones Industrial Average welcomed a good start to November following a month that marked sporadic sell-offs and investor uncertainty. The S&P 500, on the other hand, rose 0.9 percent while the Nasdaq Composite climbed 1.7 percent.
Taking to Twitter, Trump wrote: “Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina.”
Tensions between the two of the world’s largest economies have escalated in the past several months but hit a standstill after the White House has accused China of alleged intellectual property theft. (Beijing has yet to address the complaints.)
The Trump administration has also slapped tariffs on $250 billion of Chinese goods and threatened levies on an additional $267 billion worth of imports, with industry leaders, business owners and investors alike worried about the potential impact on consumers and companies.
Separately, but in the same tweet, Trump added: “Also had good discussion on North Korea!” Trump, Xi and other leaders in the Group of 20 will meet later this month at the summit in Buenos Aires.
The Dow closed at 25,380 points, up 264 points, or 1.06 percent.
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