Markets closed up on Wednesday, with the S&P 500 and the Nasdaq notching their 5th straight day of gains. The Nasdaq closed 0.6% higher and the materials, technology and consumer discretionary sectors performed best.
div > div.group > p:first-child"> The Dow Jones Industrial Average climbed 39 points to close at 26,218.13 as Intel and Home Depot outperformed. The S&P 500 gained 0.2% to end the day at 2,873.40, notching a five-day winning streak, as the materials and tech sectors led the way. The Nasdaq Composite advanced 0.6% to 7,895.55.
"To a certain degree, a trade deal is already priced in," said Peter Cardillo, chief market economist at Spartan Capital Securities. However,"a trade deal is a win for the United States and the global economy."American and Chinese officials are reportedly closing in on a trade deal, having resolved most of the outstanding issues in their protracted trade dispute. Both countries have levied tariffs on billions of dollars' worth of each other's goods since last year.
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to meet with Chinese Vice Premier Liu He later on Wednesday to resume talks. "I think there's more buzz about getting closer to the finish line on a trade deal than there is on the direction of the economic data stream," said Art Hogan, chief market strategist at National Securities."If we're catching a bid both domestically and overseas, I think it means we're probably close to the end of that drama.
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