U.S. stocks rose on Wednesday as gains in chipmaker Micron boosted the technology sector and comments from Treasury Secretary Steven Mnuchin fueled hopes that the United States and China were making progress in their trade talks.
Market participants are hoping for a speedy resolution of differences between the two sides as their bitter trade war takes a toll on global growth.
President Donald Trump said earlier in the day it was “absolutely possible” he would emerge from a meeting with Chinese leader Xi Jinping with a deal that would keep him from imposing tariffs he had threatened to put on China.
Micron Technology Inc jumped 14.2%, lifting the Philadelphia Semiconductor index 3.5% higher.
Tech stocks were the biggest gainers among the 11 major S&P sectors, with a 1.49% jump, while the trade-sensitive industrial index rose 0.35%.
At 11:14 a.m. ET the Dow Jones Industrial Average was up 58.76 points, or 0.22%, at 26,606.98, the S&P 500 was up 6.74 points, or 0.23%, at 2,924.12 and the Nasdaq Composite was up 53.63 points, or 0.68%, at 7,938.34.