All 3 major US stock indexes spike to record highs on new trade optimism

• All three major US stock indexes hit record highs Thursday after China said it reached an agreement with the US to roll back tariffs as trade talks move forward.
• Chinese Commerce Ministry spokesperson Gao Feng said top negotiators engaged in "serious, constructive discussions" over the past two weeks, according to Bloomberg.
• The announcement was welcome news for investors concerned about a prolonged trade war between the two countries.
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US stocks climbed to all-time highs Thursday after the US and China agreed to remove existing tariffs, allaying fears of a prolonged trade war between the two countries.

Here's a look at the major indexes as of the 11:20 a.m. on Thursday:

• The S&P 500 gained 0.59%, to 3,094.98.
• The Dow Jones Industrial Average climbed 0.90%, to 27,739.67.
• The Nasdaq Composite rose 0.77%, to 8,475.76.

"In the past two weeks, top negotiators had serious, constructive discussions and agreed to remove the additional tariffs in phases as progress is made on the agreement," a Chinese Commerce Ministry spokesperson, Gao Feng, said on Thursday, according to Bloomberg.

The news gave anxious investors hope that a resolution could eventually be reached to end the yearlong trade spat. Optimism around a deal between the US and China has helped stocks notch record highs several times over the last two weeks.

Here are the top five performers in the S&P 500 on Thursday:

• Ralph Lauren: 13.11%
• CenturyLink: 9.51%
• Qualcomm: 8.85%
• Discovery: 7.44%
• Freeport-McMoRan: 6.48%

Technology, financials, and energy stocks all rose more than 1.2%, offsetting a 1.5% loss in utilities. Industrials gained 0.7%, while communications fell 0.35% and consumer staples shed 0.25%.