Nasdaq Hits Record Close - Trump Says U.S.-China Pact Intact

Stocks rose after President Trump says the U.S.-China trade accord is 'fully intact.' Nasdaq closed at a record, powered by Apple.
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The Nasdaq Composite closed at a record Tuesday, a day that also saw President Donald Trump proclaim the U.S.-China trade agreement was "fully intact" following comments from a senior advisor that the accord was "over."

White House trade adviser Peter Navarro said the trade agreement between Washington and Beijing "continues in place," reversing comments he had made in an interview with Fox News in which he said "it's over" with regard to the pact.

Navarro said his comments were "taken wildly out of context."

“They had nothing at all to do with the Phase I trade deal, which continues in place. I was simply speaking to the lack of trust we now have of the Chinese Communist Party after they lied about the origins of the China virus and foisted a pandemic upon the world,” Navarro said.

Trump confirmed in a tweet that the U.S.-China trade pact, reached in January, remains "fully intact."

“The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!” Trump said on Twitter.

The Nasdaq rose 0.74% to a record 10,131. The tech-heavy index, which hit an intraday high as well, has closed higher for seven sessions.

Apple  (AAPL) - Get Report traded at an all-time high after unveiling a new operating system at its Worldwide Developers Conference.

The Dow Jones Industrial Average finished up 131 points, or 0.5%, to 26,156 and the S&P 500 gained 0.43% to end at 3,131.

New-home sales in May rose more than expected as buyers were attracted to record-low mortgage rates.

The Commerce Department said new home sales jumped 16.6% to a seasonally adjusted annual rate of 676,000 units last month. Analysts surveyed by Bloomberg had forecast 640,000.

Dr. Anthony Fauci, the director of the U.S. National Institute of Allergy and Infectious Diseases, told a House committee Tuesday that “it will be when and not if” there will be a vaccine for the coronavirus.

He said a covid-19 vaccine could be ready at the end of the year, adding he was “cautiously optimistic."

More than 2.31 million Americans have been infected by the virus and 120,451 have died, according to Johns Hopkins University.