Investing.com – Wall Street rose higher on Tuesday as investors watched the US-China trade trend.
Signals from both sides were mixed, as US President Donald Trump claimed that China had called to ask to restart negotiations. Beijing has failed to confirm the talks, and cast doubt on Trump's claim. Still, both countries seem willing to think about resolving the differences, which helped increase investor sentiment.
They jumped 121 points, or 0.5%, by 9:49 AM ET (1[ads1]3:49 GMT), while rising 17 points, or 0.6%, and were up 59 points, or 0.8 %.
Sentiment is "still largely about trade and prospects for an agreement with China, and the markets are driven by hope more than anything else at this time," said Scott Brown, chief economist at Raymond James.
Drug makers were higher after the open, when Johnson & Johnson (NYSE 🙂 gained 1.9% after being fined less than expected following a ruling against it for its role in Oklohoma's opium crisis. Pfizer (NYSE 🙂 rose 0.5%, while Merck (NYSE 🙂 was up 0.8%.
Facebook (NASDAQ 🙂 jumped 1.3%, while Tesla (NASDAQ 🙂 was up 0.9% and Beyond Meat (NASDAQ 🙂 gave 1.9%.
Elsewhere, Boeing (NYSE 🙂 fell 1%, while JM Smucker (NYSE 🙂 lost 8.1% after the food producer cut its full-year results, losing estimates of profits and sales.
In commodities, 0.8% rose to $ 54.11 per barrel, while the one measuring the greenback against a basket of six major currencies fell 0.1% to 97,855. was up 0.3% to $ 1,542.15 per troy ounce.
– Reuters contributed to this report
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