3 months ago
Stock Market

Stocks - Wall Street Opens Higher on Trade Optimism

Investing.com - Wall Street rose on Wednesday amid optimism over a possible U.S.-China trade deal and investors waited for

Investing.com - Wall Street rose on Wednesday amid optimism over a possible U.S.-China trade deal and investors waited for fresh clues from the Federal Reserve on future rate hikes.

The S&P 500 rose 11 points, or 0.43%, to 2,693.62 as of 9:31 AM ET (14:31 GMT), while the Dow increased 84 points, or 0.34%, to 24,832.84 and the tech-heavy Nasdaq Composite was up 47 points, or 0.67% to 7,129.92.

Market sentiment was boosted after U.S. President Donald Trump’s economic adviser Larry Kudlow said the president is open to a deal with China but is ready to increase tariffs on Chinese imports if there is no progress in the talks. The two countries leaders are expected to meet on the sidelines of the G20 summit at the end of the week.

Investors will also pay close attention to comments from Fed Chairman Jerome Powell, who speaks to the Economic Club of New York later today. Powell’s speech will be parsed over for clues of increased rate hikes, especially after Tuesday’s less dovish comments from Fed Vice Chairman Richard Clarida.

FAANG stocks were higher, with Apple (NASDAQ:AAPL) up 0.96%, Amazon.com (NASDAQ:AMZN) rising 1.6%, Facebook (NASDAQ:FB) inching up 0.26% and Google (NASDAQ:GOOGL) increasing 0.65%.

Semiconductor company Advanced Micro Devices (NASDAQ:AMD) gained 1.81%, while Boeing (NYSE:BA) jumped 2.9% and Salesforce.com (NYSE:CRM) skyrocketed 6.63% after its third-quarter results came in better than expected.

Meanwhile Tiffany & Co (NYSE:TIF) slumped 9% after its same-store sales missed the consensus forecast. General Motors (NYSE:GM) dipped 0.74%, while Tesla (NASDAQ:TSLA) was down 0.31%.

In commodities, gold futures fell 0.11% to $1,218.60 a troy ounce and crude oil decreased 0.89% to $51.10 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.09% to 97.36.