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.

President Donald Trump on Thursday announced a new trade pact with the United Kingdom, the first of dozens of agreements he is seeking with countries around the world. Joined by Peter Mandelson, the newly installed British ambassador in Washington,

U.S. stocks rose after the United States and United Kingdom announced a deal on trade that would lower some tariffs between the two countries

Stocks closed modestly higher on Thursday after President Trump announced a new trade agreement with the United Kingdom. The S&P 500 gained 33 points, or 0.6%, to close at 5,664, while the Dow Jones Industrial Average rose 254 points, or 0.6%, to 41,368 points. The Nasdaq Composite added 1.1%.

The potential trade deal comes as the Trump administration says it's also negotiating with many other trade partners.

The U.S. and United Kingdom have signed a trade deal, the first such agreement since President Donald Trump announced sweeping tariffs on trading partners earlier this year. The deal is set to lower tariffs on steel and automobiles and make it easier for the U.