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Stocks jumped Wednesday, boosted by a news report from Bloomberg that said the U.S. and China were edging closer to a trade deal.
The Dow Jones Industrials gained 173.56 points, to greet noon Wednesday at 27,676.37.
The S&P 500 regained 18.87 points to 3,112.07.
The NASDAQ picked up 42.06 points to 8,562.71
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 with China were going well.
Shares of chipmakers and Apple rose Wednesday. Apple was up 1.2%. Nvidia moved higher 0.7% and Micron Technology traded higher by 2.3%. 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 1.78% from Tuesday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.36 at $58.46 U.S. a barrel.
Gold prices sank $5.20 to $1,479.20 U.S. an ounce.
