Wall Street stocks lurched higher in afternoon trading on Thursday following a report that the White House was considering scaling back some tariffs on China.
Near 2000 GMT, the Dow Jones Industrial Average was up 0.5 percent at 24,326.87.
The broad-based S&P 500 gained 0.6 percent at 2,631.33, while the tech-rich Nasdaq Composite Index advanced 0.5 percent to 7,072.90.
US stocks had been little changed through early afternoon but suddenly jumped higher after The Wall Street Journal reported that Treasury Secretary Steven Mnuchin had proposed lifting some or all tariffs on China as a way to reassure markets and bolster the odds of a bigger trade deal.
But the article described the idea as part of a policy debate between Mnuchin and US Trade Representative Robert Lighthizer, who is more hawkish on China.
The Treasury Department told AFP on Thursday that no formal recommendation had been made by either Mnuchin or Lighthizer in the talks, which were ‘nowhere near completion.’
The US-China trade war has been among the biggest worries of investors, with headlines pulling shares in opposite directions on the real and perceived ups and downs of trade negotiations.