Wall Street turns higher on trade talk hopes

Credit: Reuters Studio
Published on April 3, 2019 - Duration: 01:36s

Wall Street turns higher on trade talk hopes

U.S. stocks staged a modest rally Wednesday as hopes grow a three-day meeting between the U.S. and China will lead to a breakthrough in trade talks.

Conway G.

Gittens reports.

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Wall Street turns higher on trade talk hopes

Wall Street crept higher into the close Wednesday amid optimism the U.S. and China are moving closer to a breakthrough trade deal.

The Dow, the S&P 500 and the Nasdaq all rose.

Semiconductors were a standout.

Some say a trade deal between the world's two biggest economies is already priced in, and what Wall Street wants now- are details.

Eric Wiegand is senior portfolio manager at U.S. Bank.

SOUNDBITE (ENGLISH) ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK (SAYING): "I think there's still be some skepticism around the potential of not only measuring but the enforcement of protections, particularly on intellectual property.

So that would be one of the key drivers.

Also, somethings that could be early catalyst would be opening up the Chinese markets, particularly to more agricultural and energy resources, something that could be delivered more quickly." Investors also digested more lackluster economic data.

Private employers added just 129,000 new jobs last month, according to a survey from payroll company ADP.

That number was weaker than expected.

Investors await the government's more comprehensive employment report due on Friday.

And business activity in the U.S. services sector in March was the slowest since August 2017.

Boeing was a weak spot as it grapples with the grounded 737 MAX .

One analyst fears Wall Street will "considerably" slash the planemaker's earnings estimates once plane delivery numbers come out next week.

The stock fell well over one percent.

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