Stocks were boosted on Wednesday by a news report from Bloomberg that said the U.S. and China were edging closer to a trade deal, leading the major averages to snap a three-day slide.
The Dow Jones Industrials popped 185.77 points, to wrap up Wednesday at 27,688.58
The S&P 500 gained 19.56 points to 3,112.76
The NASDAQ picked up 46.03 points to 8,566.67
The Bloomberg report, which cited people familiar with the talks, said the two countries were moving closer to agreeing on the amount of tariffs that would be rolled back in a so-called phase-one trade deal. President Donald Trump also said Wednesday that trade talks were going well with China.
Shares of chipmakers and Apple rose Wednesday. Apple was up 0.9%. Nvidia moved higher 0.9% and Micron Technology traded higher by 2.4%. These stocks have been whipsawed by trade deal related headlines for the last two years.
On the data front, private payrolls rose by just 67,000 last month, according to data from ADP and Moody’s Analytics, or well below an estimate of 150,000.
Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.77% from Tuesday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.25 at $58.35 U.S. a barrel.
Gold prices sank $4.20 to $1,480.20 U.S. an ounce.