Brendan McDermid | Reuters
Traders works on the floor of the New York Stock Exchange (NYSE) in New York, USA, November 30, 2017.
Bloomberg News reported Thursday that US officials are getting a final trade deal ready for President Donald Trump and the Chinese President Xi Jinping wrote in mid-March.
This report came after White House's financial advisor Larry Kudlow told CNBC that the two countries are making "fantastic" progress in the negotiations. Treasury secretary Steven Mnuchin also told CNBC the two sides have "made a lot of progress."
But while stocks have been in a tear for the first two months of the year, they have traded in a tighter area recently. The S & P 500 was down the week through Thursday's proximity, as the index is trying to break over 2800, a level that is closely monitored by investors and traders.
"We know how prominent the 2800 level has been, and it goes far beyond the past few days," wrote Frank Cappelleri, CEO of Instinet, in a note. "In fact, this is now 11 visits in 2800-zone since the beginning of 2018."
"As we saw last summer, even 2800 were taken over, supported. It was supported and helped drive the market to new heights," he said.
-CNBCs Sam Meredith contributed to this report.