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Wall Street gains hope for a trade truce, Powell's speech at the heart of Reuters



© Reuters. FILE FOTO: Traders work on the NYSE floor in New York

Amy Caren Daniel

US stocks gained the hope of a trade truce between the United States and China on Wednesday at the upcoming G20 summit, while investors expected Fed Chairman Jerome Powell to have an opportunity to comment on the path of rising interest rates.

Although President Donald Trump spoke hardly ahead of the upcoming meeting with Chinese President Xi Jinping, the White House Economic Adviser Larry Kudlow on Tuesday opened the opportunity for both countries to reach a trade agreement.

Industrial shares (), which have boosted the prolonged trade war, grew by 0.16 percent, Boeing's 1.9 percent helped leap and Caterpillar (NYSE 🙂 by 0.4 percent.

"Trade is a long-term business and any indication that the trade dispute between China and the UK could be resolved could increase global growth," said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.

Meanwhile, the Chairman of the New York Signature Lunch Club will start talking about the "Federal Reserve Framework for Financial Stability Monitoring" before 12:00 ET.

Powell criticized Trump for raising interest rates and other Fed policies. His speech will be analyzed for signs of a rate hike next year, especially after Fed officials drew attention to global growth outlook and markets have witnessed about two-month volatility.

"There are plenty of talks that the Federal Reserve may reduce the expected rate of increase in the future and perhaps sell part of its balance sheet and help markets," Forrest said.

At 10:07 am, the Dow Jones Industrial Average () rose by 147.53 points, or 0.60 percent to 24,896.26, and the S & P 500 () rose 980 points or 0.37 percent to 2,991.97 and Nasdaq Composite () rose 43.57 points, or 0.62 percent, to 7,126.27.

Nine of the 11 major S & P sectors were higher, with technology sector revenue () by 0.96%.

The robust quarterly Salesforce.com Inc revenue report (N :), chip surge, FAANG, and US listed companies helped the highly appreciated group.

Salesforce (N 🙂 jumped 4.9 percent to profit from the S & P 500 index.

Tiffany & Co (N 🙂 dropped 9.6 percent after a quarterly jeweler of quarterly sales of the same deals missed an estimate.

Advanced issues overwhelmed NYSE's 1.35-per-downturn and the Nasdaq market's 1.58-in-1 market share.

The S & P index recorded six new 52-week maximums and two new margins, while the Nasdaq recorded 11 new heights and 55 new limits.

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