Wall Street rises on US-China trade hopes

A Chinese official said “consensus is steadily increasing” in trade negotiations between the US and China as the G20 meeting got underway in Buenos Aires, sparking hopes there would be a positive resolution in the ongoing tariff dispute between the world’s two largest economies.

US President Donald Trump is set to meet with his Chinese counterpart Xi Jinping on Saturday and the outcome could swing stocks for the rest of the year.

“The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what’s going on in the oil markets,” said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

“But as we get better news, that’s helped lift the markets,” Ripley added.

“That’s why we’re seeing a week like this week.”

The Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&P 500 gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54.

Of the 11 major sectors in the S&P 500, all but energy ended the session in positive territory.

Energy stocks fell 0.2 per cent as crude prices extended their slide.

But falling oil prices boosted airlines stocks. The Dow Jones Airlines index rose 2.8 per cent.

Shares of Marriott International sank 5.6 per cent after the hotel operator said hackers stole about 500 million records from its Starwood Hotels reservation system.

General Electric shares slid 5.5 per cent following a Wall Street Journal report that former employees are being questioned by federal investigators about the company’s failure to acknowledge its insurance business’ worsening results over the years.

Volume on US exchanges

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