S&P 500 hits new all-time high on report of imminent trade deal with the EU

Call it the art of the dEUal.

The S&P 500 hit a new all-time high after the Financial Times reported that the European Union and the US are “closing in” on a trade agreement that would avoid a bigger spike in tariff rates on August 1.

This news comes on the heels of the US deal with Japan announced Tuesday evening that sees tariffs of 15% on imports from that nation. Per the FT, the headline terms of the EU’s arrangement are the same as Japan’s.

The SPDR S&P 500 ETF was up 0.6% to hit a daily high on the news.

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