U.S. Stock Market Boosted by Trade Hope
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U.S. stocks rose Wednesday, led by tariff-sensitive technology and industrial stocks, after China extended its olive branch ahead of next month's trade talks with the United States.
The S&P 500 closed above 3,000 for the first time since July 30.
Apple (AAPL.O) gave the biggest boost to the S&P 500 and Nasdaq indices after the company released a new iPhone the day before and announced the launch date of its Apple TV + streaming service.
Apple's share price jumped 3.2%, again making it worth more than $1 trillion.
The Dow was led by Boeing (BA.N), which strengthened for the sixth consecutive trading day, up 3.6% today. In dollar terms, Boeing is the largest exporter in the United States.
China has announced the exclusion of tariffs on 16 U.S. goods, which many investors believe is a sign of China's sincerity. Just a few weeks later, negotiations aimed at resolving the trade war are about to take place.
However, a senior White House adviser urged investors to be patient in order to curb expectations of trade talks scheduled for next month in Washington.
"The market as a whole still believes that a substantive agreement is possible, and all the White House and China initiatives are just negotiating strategies," said Tim Ghrisky, chief investment strategist at Inverness Counsel. "(But) Based on Twitter and China's statements, this belief is changing every day."
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