The S&P 500 and the Dow followed their global counterparts higher on Thursday, and Treasury yields reversed their three-day slide after a trade deal between the United States and Japan provided a welcome sign of progress in President Donald Trump's multi-front tariff negotiations.

Asian equities posted strong gains overnight, led by Japan, which rallied on news of its new trade agreement with the United States.

Leaders of the European Union and Japan have launched an alliance aimed at boosting economic cooperation, defending free trade and countering unfair trade practices as the two sides face growing challenges from the United States and China.

As the EU digs in, President Trump announced two more deals and finalized a third, most notably a pact with Japan. “I just signed the largest deal in history with Japan," Trump

Japanese Prime Minister Shigeru Ishiba has vowed to remain in power to oversee the implementation of a new Japan-U.S. tariff agreement

Treasury Secretary Scott Bessent stopped short of saying the European Union can win the same sort of trade deal as Japan cut with President Donald Trump, highlighting that Tokyo’s success came thanks to an innovative financing arrangement.

Gold prices fell on Wednesday after a U.S.-Japan trade deal eased market uncertainty, while strong industrial demand and a supply shortage drove silver to its highest level since September 2011.

President Trump's new trade deal with Japan includes a 15% tariff on exports to the U.S., up from earlier rates. CBS News MoneyWatch correspondent Kelly O'Grady breaks down how this could impact major automakers.