NEW YORK (AP) — U.S. stocks are rising after President Donald Trump said he was set to announce an agreement on trade with the United Kingdom.

Wall Street hopes more deals will follow and that they’ll be enough to keep a recession at bay. The S&P 500 rose 0.7% in early trading Thursday.

The Dow Jones Industrial Average was up 212 points, and the Nasdaq composite was 0.9% higher. Stocks have been swinging for weeks with hopes that Trump could reach deals with other countries that would lower his tariffs. A day earlier, the Federal Reserve chair warned that sustained tariffs could hurt the economy.

Originally Published: May 8, 2025 at 9:47 AM EDT