Stocks rise briefly after report of U.S. proposal to ease China tariffs

Jan. 17 (UPI) -- Stocks were sent soaring briefly Thursday after a report the United States may ease tariffs during trade negotiations with China.

The Dow Jones Industrial Average closed up 162.94 points, or 0.67 percent, while the S&P 500 rose 0.76 percent and the Nasdaq Composite climbed 0.71 percent.

Stocks hit their highs of the day after The Wall Street Journal published a report citing people close to deliberations between the United States and China who said that Treasury Secretary Steven Mnuchin proposed lifting some or all tariffs on Chinese goods during negotiations with Beijing.

The Dow shot up 250 points, while the S&P and the Nasdaq both went up about 1 percent after the report.

Stocks were sent back downward later in the day after a Treasury Department spokesperson working with the trade team told CNBC no recommendations had been made on tariffs.

"Neither Secretary Mnuchin nor Ambassador [Robert] Lighthizer have made any recommendations to anyone with respect to tariffs or other parts of the negotiation with China. This is an ongoing process with the Chinese that is nowhere near completion."

Bellwethers for global trade, Caterpillar and Boeing, both rose about 2 percent at the end of trading Thursday. Apple also rose 0.6 percent.