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Stocks - Wall Street Gains on Reports of Trade Progress 

Stock MarketsDec 04, 2019 09:49AM ET
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© Reuters.

Investing.com – Wall Street surged on Wednesday as investors snapped back from a trade-driven sell-off on reports that the U.S. and China are still closing in on a 'phase-one' deal, despite all appearances to the contrary.

Bloomberg reported that U.S. officials still expect a phase one deal with China before the next scheduled U.S. tariff increase on Chinese imports on Dec. 15.

China's Foreign Ministry reiterated Beijing’s insistence on "equality" in any phase-1 deal. The news came just one day after President Donald Trump said that there was no deadline for a trade deal for China and that it may be after next year’s election.

"China and the United States are playing a game of poker," said Mark Grant, chief global strategist at B. Riley FBR Inc.

"They make these comments on hopes of moving the other side and it's difficult to figure out what the reality is, but these certainly move the market if they look more promising or less promising every day."

The Dow rallied 183 points or 0.7% by 9:46 AM ET (13:46 GMT), while the S&P 500 gained 15 points or 0.5% and the Nasdaq composite was up 42 points or 0.5%.

Google-parent Alphabet (NASDAQ:GOOGL) rose 1.7% after the market open on news that co-founder Larry Page is stepping down as CEO and will be replaced by the CEO of its Google unit, Sundar Pichai.

Johnson & Johnson (NYSE:JNJ) gained 1% after it said tests showed its baby power does not have any asbestos in it, while Boeing (NYSE:BA) gained 0.7% on trade news, but was held back by reports that United Airlines (NASDAQ:UAL) is buying jets from rival Airbus (OTC:EADSY), while European budget airline Ryanair (OTC:RYAOF) said it didn't expect the full delivery of its order of 737 MAX planes until the second half of next year.

Elsewhere, Tesla (NASDAQ:TSLA) fell 0.7% as CEO Elon Musk prepared to defend a defamation lawsuit over a series of tweets last year, in which he called a British diver a “pedo guy.”

In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.2% to 97.455 and gold futures slipped 0.3% to $1,480.85 a troy ounce. Crude oil futures surged 3.3% to $57.93 a barrel.

-Reuters contributed to this report

Stocks - Wall Street Gains on Reports of Trade Progress 
 

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Comments (9)
Pwr Strk
Pwr Strk Dec 04, 2019 11:18AM ET
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hahahaha, the world was falling apart yesterday for fear of no trade deal according to Reuters
Gods Money
Gods Money Dec 04, 2019 11:13AM ET
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Literally this is just comedy at this point
Luk Gao
Luk Gao Dec 04, 2019 11:11AM ET
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Diu, every time also no fact check to prove the news jibai manipulators
Graham Hart
Graham Hart Dec 04, 2019 10:56AM ET
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trade progress as in 2018..2019... "we're close"... now "after election". please try a different narrative
DONGHUN LEE
DONGHUN LEE Dec 04, 2019 10:55AM ET
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If someone's saying anything totally different from what they said yesterday, what's his mental illness diagnosis?
Mario tragik
Mario tragik Dec 04, 2019 10:45AM ET
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lol such BS , well you can do as them and make some money on the swings. expect a bad news soon again and it will continue until Dec 15 or so.
brett fry
brett fry Dec 04, 2019 10:41AM ET
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Trump is pulling the market strings every chance he gets so his family and insiders can profit and pump up his coffers
Ron Warren
Ron Warren Dec 04, 2019 10:20AM ET
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The part Bloomberg left out! "Officials who have calls in the market, reported we're close to a trade deal!"
kunal parekh
kunal parekh Dec 04, 2019 10:10AM ET
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there's no trade progress, manipulaters
 
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