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Stocks surged on Tuesday after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit, boosting hope for a U.S.-China trade deal.
The Dow Jones Industrial Average traveled 292.6 points, or 1.1%, higher to begin Tuesday at 26,405.13, as Apple and Boeing outperformed.
The S&P 500 gained 32.58 points, or 1.1%, at 2,922.25. The S&P 500 also traded within 1% of its all-time intraday high of 2,954.13, which was reached May 1.
The NASDAQ Composite took on 137.34 points, or 1.8%, to 7,982.37
Boeing rose 1.5%, and Caterpillar shares picked up 3.1%. Both are trade bellwethers. Deere shares also gained more than 3%. Semiconductor stocks jumped on Trump’s tweet, led by 4% gains from Nvidia and Micron Technology.
Stocks also got a boost as investors bet the Federal Reserve will set the stage for more accommodative monetary policy at this week’s meeting.
The Fed’s decision is scheduled to be announced Wednesday at 2 p.m. ET.
Trump said in a tweet he “had a very good telephone conversation ” with Xi. He added: “We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting.” The summit will start on June 28.
Prices for the benchmark 10-year U.S. Treasury gained, driving down yields to 2.07% from Monday’s 2.09%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.22 to $53.29 U.S. a barrel.
Gold prices ballooned $3.60 at $1,346.50 U.S. an ounce.
