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9 May 2025 03:26  |

Wall Street Rallies on UK Pact

Stocks in the US surged Thursday after President Donald Trump announced a trade deal framework with the United Kingdom, the first major agreement since the US imposed sweeping tariffs earlier this year.

The S&P 500 rose 0.6%, the Nasdaq jumped roughly 1.1% and the Dow gained 255 points, the fueled by optimism around trade and easing geopolitical tensions. Trump described the UK deal as a breakthrough that would boost American exports, though a 10% tariff remains in place.

He also hinted that tariffs on China could come down depending on the outcome of trade talks this weekend in Switzerland, where US officials will meet their Chinese counterparts. Tech shares rose sharply with Tesla jumping 3.1% and Palantir soaring 7.8% to trim yesterday's plunge.

Apple and Alphabet were also up to partially recover from last session's pullback. Arm sank 6.2% after delivering a pessimistic guidance, and Eli Lilly lost 3.2% amid broad losses for the healthcare sector across Europe and North America.

Source: Trading Economics

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