China has reached phase one trade deal with the United States, Vice Commerce Minister and Deputy International Trade Representative Wang Shouwe said Friday.

U.S. stocks hit fresh record levels on Friday after China said first phase trade talks with the United States have achieved major progress and that Beijing would cancel tariffs scheduled to take effect on Sunday.

The Dow Jones Industrial Average was up 107.74 points, or 0.38%, at 28,239.79, the S&P 500 8.97 points, or 0.28%, at 3,177.54. The Nasdaq Composite was up 41.69 points, or 0.48%, at 8,759.01.

Wall Street opened lower after President Donald Trump said a report about a trade deal with China was completely wrong. (