U.S. stocks opened higher Wednesday, headed for their fourth straight session of gains, as trade negotiators for the U.S. and China extended talks for an unscheduled third day.
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The decision to keep negotiating fueled optimism the world’s largest economies can strike a trade deal and avoid disrupting the global economy.
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The U.S. trade delegation was set to return to the United States later on Wednesday after what a U.S. official called a “good few days.”
A positive close Wednesday would be the longest winning streak in four months for the S&P 500 and two months for the Dow Jones Industrial Average.
Oil prices extended their gains as the Energy Information Administration on expectations that crude stockpiles fell by 2.8 million barrels last week. West Texas Intermediate, the American benchmark crude oil, was trading above $51 for the first time since Dec. 17, 2018, on optimism about U.S.-China trade talks and reduced production from OPEC members.
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Crude oil prices are higher for their eighth consecutive session, the longest winning streak since July 3, 2017.
In Asian markets on Wednesday, China’s Shanghai Composite ended the day higher by 0.7 percent.
Japan’ Nikkei closed up 1 percent.
In Europe, London’s FTSE opened up 1 percent, Germany’s DAX gained 1.4 percent and France’s CAC added 1.4 percent.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 23910.2 | +122.75 | +0.52% |
| SP500 | S&P 500 | 2583.57 | +9.16 | +0.36% |
| I:COMP | NASDAQ COMPOSITE INDEX | 6930.5812 | +33.58 | +0.49% |
Stocks rose Tuesday afternoon, the market’s third consecutive day of gains, on optimism that China and the United States are close to settling an economically damaging trade dispute.
All three major equity indexes closed at or near 1 percent higher.
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Also Tuesday, the broad-based S&P500 climbed to a three-week high.
Shares of industrial and transportation companies led key averages higher on hopes for an eventual Sino-American trade deal.
