12/13/2019, 6:53 PM (Source: TeleTrader)
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Chart for: Apple Inc.

Apple reaches record high after US, China reach deal

Stocks of American tech giant Apple Inc. jumped to a record high on Friday after the United States and China confirmed they reached a phase one agreement on trade, making progress towards ending their trade dispute.

Earlier, Beijing announced it agreed with the US on the text of the long-awaited phase one trade deal. US President Donald Trump confirmed the agreement was struck and noted it includes the cancellation of plans to impose additional tariffs on December 15 and lowering the 15% tariffs imposed in September to 7.5%. Trump also stressed the potential removal of the remaining tariffs on Chinese goods will be discussed in the talks on a phase two deal, which are expected to begin immediately.

Apple climbed 1.20% to $274.88 at 12:49 pm ET.

Breaking the News / NP