Stocks jumped Wednesday, boosted by a news report from Bloomberg that said the U.S. and China were edging closer to a trade deal.

The Dow Jones Industrial Average traded 204 points higher, or 0.7%. The S&P 500 gained 0.8% while the Nasdaq Composite advanced 0.7%.

The Bloomberg report, which cited people familiar with the talks, said the two countries were moving closer to agreeing on the amount of tariffs that would be rolled back in a so-called phase-one trade deal. President Donald Trump also said Wednesday that trade talks with China were going well.

Source: CNBC