The stock market rose more than 1% following President Donald Trump’s announcement that his administration had reached a trade deal with the United Kingdom.

The deal is the first the Trump administration has reached since enacting its “reciprocal tariffs” on nearly every country in early April. Within minutes of the agreement being announced, the Dow rose around 600 points.

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In midday trading, the S&P 500 was 1.4% higher. This will be the 11th in the last 13 days in which the market has made gains.

Aside from the stock market, other economic indicators also rose. The price of crude oil rose, and Bitcoin increased above $101,000. The price of gold decreased as a sign that investors feel more economic security.

Trump announced the deal Thursday morning on his Truth Social platform before a press conference. The deal, details of which have not yet been finalized, will retain the 10% tariff Trump placed on the U.K. in April.

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During the conference, he was joined by Cabinet officials. U.K. Prime Minister Keir Starmer called into the Oval Office to speak about the agreement.

“We have a big economic security blanket, and that’s very important, and we feel very, very comfortable with that, because it’s been a great ally, truly one of our great allies,” Trump explained. “A lot of people say our greatest ally. I don’t want to insult people by saying that, but I can say it’s certainly one of our greatest right at the top, and they’re the first one we’re talking about.”