U.S. stocks rose Wednesday, as China and the U.S. attempted to ease simmering tensions, a day before high-level trade talks are scheduled to commence.
The Dow Jones Industrial Average rose 192 points, or 0.7%, at 26,357. The S&P 500 index gained 26 points to reach 2,918, up more than 0.9%, while the Nasdaq added 79 points, or 1%, at 7,903.
A report from Bloomberg News indicated that China was open to a limited tariff resolution with the U.S., while another from the Financial Times indicated that China has offered to increase by 50% purchases of agricultural products from U.S. farmers to $50 billion.
Wednesday’s bounce comes from a hope that “this time is different” for the trade talks, said Kim Forrest, founder and chief investment officer at Bokeh Capital Management. Talks have been “contentious,” Forrest said, “but both sides absolutely know something needs to be done.”
MacDailyNews Take: Time to hammer out a deal?