Dow surges to session high on report that the U.S. has weighed lifting China tariffs

U.S. stock benchmarks Thursday afternoon jumped to their highest levels of the session after a report indicated that Washington officials are contemplating removing tariffs on China to hasten a resolution on the protracted dispute. The Dow Jones Industrial Average was up by about 240 points, or 1%, at 24,450, the S&P 500 index climbed 1.1% at 2,644, while the Nasdaq Composite Index rose 1.1% at 7,113. The Wall Street Journal reported Thursday, citing people familiar with the matter, that the idea of lifting tariffs in part of whole was proposed by Treasury Secretary Steven Mnuchin in a series of strategy meetings. The report adds that U.S. Trade Representative Robert Lighthizer is concerned that any concession could be seen as a sign of weakness, however. Trade issues have been cited as the biggest headwind for stocks rallying in 2019. A protracted dispute on trade between Washington and Beijing also is seen have potential ripple effects throughout the globe, threatening to hurt economic expansion as the two largest economies battle on trade issues.

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