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Close Update: Trade Talk Hopes Boost Stocks as Nasdaq Leads Market Higher


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US stocks closed higher Wednesday amid investor optimism the US and China may be close to settling their trade dispute.

While major stock market indexes climbed, they did end off their highs of the day. The Dow Jones Industrial Average rose 0.2%, the S&P 500 added 0.2%, while the Nasdaq Composite Index advanced 0.6%, boosted by a rally in semiconductor stocks.

Stocks were boosted in part by a Financial Times report saying the US and China were getting close to a final agreement to settle their trade conflict. Talks between the economic powerhouses are continuing this week in Washington.

Equities peaked around mid-day and faded until late in the session before staging a comeback. The Dow at one point rose more than 100 points before coming off its session peak.

The basic materials and technology sectors were the biggest winners in the market Wednesday. Meanwhile, energy shares tumbled.

Looking ahead, economic data Thursday is relatively sparse, highlighted by initial jobless claims. The big economic report for the week comes on Friday when the monthly employmen t report is released.

US MARKETS

Dow Jones Industrial Average was up 39 points (+0.15%)

S&P 500 was up 6.16 points (+0.21%)

Nasdaq Composite Index was up 46.86 points (+0.60%)

GLOBAL SENTIMENT

FTSE 100 was up 27.16 points (+0.37%) to 7,418.28

Hang Seng Index was up 361.72 points (+1.22%) to 29,986.39

Shanghai China Composite Index was up 39.47 points (+1.24%) to 3,216.30

UPSIDE MOVERS

(+) PRPO (+9.10%) HemeScreen assay adopted by Methodist hospital in Memphis

(+) APRN (+7.34%) CEO resigns

(+) EVGN (+30%) Establishes medical cannabis subsidiary

DOWNSIDE MOVERS

(-) FSNN (-81.64%) Identifies accounting errors at newly acquired subsidiary

(-) AVEO (-17.09%) EMA's CHMP requires more data analyses for tivozanib

(-) GME (-4.65%) Q4 results miss expectations

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks



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