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Global stocks rise on optimism over U.S.-China trade talks

Trader Phyllis Arena Woods works on the floor

Trader Phyllis Arena Woods works on the floor of the NYSE on Feb. 8. Photo Credit: AP / Richard Drew

Stocks finished broadly higher Wednesday as investors remained optimistic that the U.S. and China will make more progress in resolving their costly trade dispute.

Energy companies, retailers and industrial stocks accounted for much of the broad gains as the market extended its winning streak to a fourth day.

Key officials from the world's two largest economies will meet Thursday and Friday to try and stave off an escalation of a trade conflict that has hurt companies and consumers by raising prices on a number of products. President Donald Trump has said he might let a March 2 deadline slide if the U.S. and China get close to a deal.

After March 2, additional tariffs are scheduled to kick in, making the situation worse. Economists and analysts are optimistic that both sides will eventually hammer out an agreement that satisfies U.S. complaints that China steals or pressures U.S. companies to hand over technology.

"The president's seemingly positive tone regarding trade has helped underpin the market, particularly the industrial names," said Quincy Krosby, chief market strategist at Prudential Financial. "That's a positive catalyst for the market."

The S&P 500 index gained 0.3 percent, to 2,753.03. The Dow Jones Industrial Average climbed 0.5 percent, to 25,543.27. The Nasdaq composite added 0.1 percent, to 7,420.38.



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