Dow Jones Industrial Average rises 146 points
The Dow jumped 146.97 points, or 0.53% to end the day at 27,649.78. The S&P 500 gained 0.63% to end the day at 3,112.76. The Nasdaq Composite advanced 0.54% to 8,566.67. U.S.-China trade talks were once again the main catalyst on Wall Street as investors cheered apparent optimism around the negotiations.
China and US reportedly moving closer to deal
Bloomberg News reported, citing people familiar with the talks, that China and the U.S. were getting close to reaching a trade deal. The report helped stocks end a three-day losing streak and rebound from steep losses in the previous session. Bottom line, investors seem to be getting more jittery around U.S.-China trade relations as a key Dec. 15 deadline approaches. Failure to reach any kind of deal by then could spark a steep sell-off into year-end.
Apple, Nvidia lead the way higher
Apple shares rose 0.88% as trade-sensitive stocks outperformed. Semiconductor stocks rose, including Nvidia, which gained 0.85% and Micron Technology, which was up 2.37%.
What happens next?
Weekly jobless claims will be on Wall Street’s radar after a disappointing private payrolls report from ADP and Moody’s Analytics. Tiffany, Ulta Beauty and Dollar General are among the companies set to report earnings on Thursday. Read more here.
U.S.-China trade talks were once again the main catalyst on Wall Street as investors cheered apparent optimism around the negotiations.