U.S. stocks rose Thursday after the United States and United Kingdom announced a deal on trade that would lower some tariffs between the two countries, the first of what Wall Street hopes will be enough agreements to keep a recession from hitting the economy.

The S&P 500 climbed 0.6% for its 11th gain in the last 13 days. The Dow Jones industrial average added 254 points, or 0.6%, and the Nasdaq composite rose 1.1%.

It wasn’t just stocks. Bitcoin jumped back above $101,000, and crude oil prices climbed, while the price of gold eased back as investors felt less need for safety. Treasury yields rose on bets that more trade deals with other countries may mean the Federal Reserve won’t need to cut interest rates as sharply as feared in order to prop up the economy.

Besides hopes for deals on trade, strong profit reports from U.S. companies have also helped to drive the S&P 500 closer to its all-time high set in February. It’s back within 7.8% after dropping nearly 20% below the mark a month ago.

Axon Enterprise, the company that sells Tasers, body cameras and other public safety equipment, jumped 14.1% after joining the list.

Tapestry rose 3.7% after the company behind the Coach and Kate Spade brands also reported better profit and revenue than expected.

Molson Coors, though, described a different landscape when it released its latest quarterly results, which fell short of analysts’ expectations. Its stock fell 4.5%.It also became the latest company to either lower or pull its financial forecasts for 2025 given the uncertainty.

Krispy Kreme tumbled 24.7% after withdrawing its forecasts for the full year.

All told, the S&P 500 rose 32.66 points to 5,663.94. The Dow added 254.48 to 41,368.45, and the Nasdaq composite climbed 189.98 to 17,928.14.

A couple reports on the economy Thursday came in mixed. One said slightly fewer U.S. workers applied for unemployment benefits last week. But another said productivity for U.S. workers slowed by more than economists expected at the start of the year.

Treasury yields rose following the reports, and the 10-year yield climbed to 4.38% from 4.26% late Wednesday.

The two-year Treasury yield, which more closely tracks expectations for action by the Fed, leaped to 3.89% from 3.78%.

— Associated Press