Stocks rose Tuesday afternoon — the market’s third consecutive day of gains — on optimism that China and the United States are close to settling an economically damaging trade dispute.
U.S. Commerce Secretary Wilbur Ross predicted that Beijing and Washington could reach a trade deal that “we can live with” as officials from the world’s two biggest economies resumed talks looking to end their trade dispute.
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All three major equity indexes closed at or near 1 percent higher. The broad-based S&P 500 climbed to a three-week high.
Shares of industrial and transportation companies led key averages higher on hopes for an eventual Sino-American trade deal.
Crude oil prices are up seven days in a row on trade optimism and OPEC production cuts. The commodity jumped 2.41 percent to $49.69 per barrel.
|UNP||UNION PACIFIC CORPORATION||150.75||+12.10||+8.73%|
Steel stocks were big winners, too, as President Trump has begun calling for a steel wall rather than a concrete wall along the southern border.
The president has shifted from calling for a concrete wall to focusing on a “steel barrier.”
|I:DJI||DOW JONES AVERAGES||23787.45||+256.10||+1.09%|
|I:COMP||NASDAQ COMPOSITE INDEX||6896.9984||+73.53||+1.08%|
In Asian markets on Tuesday, China’s Shanghai Composite lost 0.3 percent, while Hong Kong’s Hang Seng index rose 0.2 percent.
Japan’s Nikkei closed up 0.8 percent.
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In European trading, London’s FTSE gained 1 percent, Germany’s DAX rose 1 percent and France’s CAC added 1.5 percent.