By CCN: The Dow and broader U.S. stock market erased early losses Wednesday amid reports that the Trump administration was planning to send an envoy to Beijing to resume high-stakes trade negotiations.
Dow Makes Surprise Recovery; S&P 500, Nasdaq Follow
All of Wall Street’s major indexes turned positive in afternoon trading, erasing a volatile pre-market for Dow futures. The Dow Jones Industrial Average gained 115.97 points, or 0.5%, to 25,648.02. The blue-chip index was down by as much as 91 points earlier in the day.
The broad S&P 500 Index of large-cap stocks climbed 0.6% to close at 2,850.96. Most of the 11 primary sectors reported gains, though communication services and information technology were by far the best performers. The sectors rose by at least 1% on Wednesday.
Surging technology shares lifted the Nasdaq Composite Index to higher ground. The tech-driven average rose 1.1% to finish at 7,822.15.
The United States and China will likely resume trade negotiations soon, according to Treasury Secretary Stephen Mnuchin.
Testifying before a Senate Appropriations subcommittee Wednesday, Mnuchin said the White House will likely send a trade envoy to Beijing to restart negotiations. The news comes less than a day after President Trump’s top trade adviser said talks with China have reached “a complete stalemate.”
The world’s two biggest economies locked horns this week after China