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Stocks - Wall Street Rises With Trade Developments Eyed

Stock MarketsAug 27, 2019 10:53AM ET
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© Reuters.

Investing.com – Wall Street rose higher on Tuesday as investors kept an eye on trade developments between the U.S. and China.

Signals from both sides were mixed, as U.S. President Donald Trump claimed that China had called to ask to restart negotiations. Beijing has failed to confirm the calls, casting doubt on Trump's assertion. Still, both countries seem willing to think about resolving their differences, which helped boost investor sentiment.

The Dow jumped 121 points, or 0.5%, by 9:49 AM ET (13:49 GMT), while the S&P 500 rose 17 points, or 0.6%, and the Nasdaq composite was up 59 points, or 0.8%.

Sentiment is "still largely about trade and prospects of a deal with China and the markets are driven more by hope than anything else at this point," said Scott Brown, chief economist at Raymond James.

Drugmakers were higher after the open, as Johnson & Johnson (NYSE:JNJ) gained 1.9% after it was fined less than expected after a ruling against it for its role in Oklohoma's opium crisis. Pfizer (NYSE:PFE) rose 0.5%, while Merck (NYSE:MRK) was up 0.8%.

Facebook (NASDAQ:FB) jumped 1.3%, while Tesla (NASDAQ:TSLA) was up 0.9% and Beyond Meat (NASDAQ:BYND) gained 1.9%.

Elsewhere, Boeing (NYSE:BA) fell 1% while JM Smucker (NYSE:SJM) lost 8.1% after the food maker cut its full-year earnings forecast and missed estimates for profit and sales.

In commodities, crude oil rose 0.8% to $54.11 a barrel, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.1% to 97.855. Gold futures were up 0.3% to $1,542.15 a troy ounce.

-- Reuters contributed to this report

Stocks - Wall Street Rises With Trade Developments Eyed
 

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Comments (2)
Tumelo Mash
Tumelo Mash Aug 27, 2019 10:20AM ET
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They have a much higher risk of losing while they are busy trading using emotions than using facts.. The is no trade deal happening in the the near time
Hank Williams
Hank Williams Aug 27, 2019 10:12AM ET
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Another day of buy the rumor.
Precious ohakosim
Precious ohakosim Aug 27, 2019 10:12AM ET
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please how can I tell it its a rumour
Jeff Chevalier
Jeff Chevalier Aug 27, 2019 10:12AM ET
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If trump says it, it's a rumor. Very little to no facts behind his tweets.
 
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