Stocks finished higher Wednesday. The Dow added 157 points to 24,527 while the S&P 500 climbed 14 points to 2,651. The Nasdaq gained 66 points to 7,098.
The major averages advanced as positive trade updates boosted investor sentiment. In an interview today, President Trump said he will not raise tariffs on Chinese goods until a new pact is secured. A separate report hinted that China is considering plans to allow increased access to foreign companies. On the data front, an update on inflation showed consumer prices were flat in November. However, Core CPI (excluding food and energy) increased 0.2% for the month and 2.2% year-over-year in November.
Eight of 11 S&P 500 sectors finished in positive territory with Consumer Discretionary and Materials pacing gains. Technology stocks were broadly higher as the oft-cited “FAANG” group added 2.2%. Industrials, which tend to ebb-and-flow with trade tensions also advanced as Caterpillar added 1.7% to $125.37 while Boeing climbed 1.5% to $326.94. In corporate news, shares of Lowe’s climbed 3% to $92.14 after announcing a $10 billion share buyback program. Meanwhile, XPO Logistics fell 9.6% to $60.27 after the trucking company lowered its earnings forecast.
Breadth was positive on issues by 2:1 on both the NYSE and the Nasdaq. Composite NYSE volume was more than 3.8 billion shares.
Treasuries weakened with the yield on the 10-year note up three basis points to 2.91%. In commodities, WTI crude fell 1.1% to $51.11/barrel. COMEX gold was up 0.2% to $1,244.40/ounce amid a weaker dollar.