CNBC’s Jim Cramer said Friday that he wants to read the fine print before he turns positive about President Donald Trump’s claim that U.S. and China trade negotiators reached a “phase one” deal.
Investors responded positively to the news. The three major U.S. stock averages all rose more than 1% by the session close. The major indexes finished the week higher, with the Dow Jones Industrial Average and S&P 500 breaking three-week losing streaks.
China agreed to as much as $50 billion in agricultural buys and some intellectual property concessions, according to Trump. In exchange, the U.S. canceled a tariff hike that was to go into effect next week.
The preliminary deal, however, has yet to be signed, and officials are expected to get to work on phase two right away.
“With this latest news on trade today, next week is still going to be about China, but not as much, I think. A trade deal … means we can finally focus on the substance of earnings, and I like that. I’m expecting many of…