Stocks opened modestly higher Wednesday as U.S.-China trade talks resumed amid hopes that the two sides will soon reach a deal to end the tariff conflict between the two largest economies in the world.
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Wall Street also shrugged off a report that private-sector hiring last month grew by less than expected.
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Carsten Brzeski, chief economist at ING Germany, said trade talks “between China and the U.S. have, for now, produced positive news as a deal has moved closer,” according to the Wall Street Journal.
Hiring in the U.S. private sector grew by 129,000 jobs in March, according to the ADP National Employment report, missing analyst expectations of 170,000 jobs.
It marked the slowest employment increase in 18 months, according to Ahu Yildirmaz, the vice president of the ADP Research Institute.
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| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| IDJI | n.a. | n.a. | n.a. | n.a. |
| SP500 | S&P 500 | 2878.25 | +11.01 | +0.38% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7897.288606 | +48.60 | +0.62% |
“Although some service sectors showed continued strength, we saw weakness in the goods producing sector,” she said in a statement.
In Asia, the Hang Seng closed up 1.22 percent, the Shanghai Composite added 1.24 percent and Japan’s Nikkei 225 increased 0.97 percent.
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European stocks were also higher: Britain’s FTSE 100 was up 0.10 percent, France’s CAC 40 climbed 0.60 percent and Germany’s DAX increased 1.32 percent.
