Stocks rose on Wednesday as investors bet that a trade war between the U.S. and China will not be as bad as previously feared.
The Dow Jones Industrial Average jumped 155.22 points to open for business Wednesday at 26,402.18, as Boeing outperformed.
The S&P 500 eked up 3.27 points to 2,907.58, as materials and financials outperformed.
The NASDAQ leaned lower 20.76 points to 7,935.36, as a decline in Amazon offset gains in Netflix shares rose.
China slapped tariffs on $60 billion worth of U.S. goods on Tuesday. Prior to that, the Trump administration had put levies on about $200 billion worth of Chinese products.
Boeing and Caterpillar helped push the major U.S. indexes higher on Wednesday, as they both rose more than 1%. Both companies are seen as bellwethers for trade given their large overseas exposure.
Tesla shares fell 0.6% after the company said the Justice Department last month requested documents regarding CEO Elon Musk's tweets in early August about taking the company private. The New York Times also reported the Securities and Exchange Commission has sent subpoenas to Goldman Sachs and Silver Lake, which helped Tesla evaluate going private.
Netflix shares rose more than 2% after analysts at Guggenheim hiked their price target on the stock to $420 from $360, implying a 14.2% upside from Tuesday's close.
Prices for the benchmark for the 10-year U.S. Treasury demurred, upping yields to 3.08% from Tuesday’s 3.05%. Treasury prices and yields move in opposite directions.
Oil prices were stronger by 32 cents to $70.17 U.S. a barrel.
Gold prices perked $5.20 to $1,208.10
