Stocks climbed on Wall Street's renewed hopes that a U.S.-China trade deal may be nearing despite tough recent talk from President Trump.
Stocks closed broadly higher Wednesday amid renewed hopes on Wall Street that a U.S.-China trade deal may be nearing despite tough recent talk from President Trump.
The report came the day after Trump said he wouldn’t mind waiting until after the 2020 elections for a deal, a remark that officials reportedly called off the cuff but that nevertheless sent markets skidding.Healthcare and financial stocks drove much of Wednesday’s rally. Energy companies notched the biggest gain, following a 4.2% increase in the price of U.S. crude oil.The Dow Jones industrial average rose 146.97 points, or 0.5%, to 27,649.78. The Nasdaq composite rose 46.03 points, or 0.
Surprisingly good company earnings and solid economic data have helped keep investors in a buying mood this fall against a backdrop of optimism that the U.S. and China were nearing a trade deal. A Wednesday report on the U.S. job market came in surprisingly weak, which could raise doubts about what’s been the strongest part of the economy. Private employers added just 67,000 jobs last month, according to payroll processor ADP. That’s roughly half of October’s hiring pace, weaker than economists expected.
A rebound in the price of crude fueled oil-related stocks. Energy stocks in the S&P 500 rose 1.6% — the biggest gain among the 11 sectors that make up the index. Halliburton advanced 4.2%. Devon Energy climbed 4.6%.
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