U.S. stocks rose on Wednesday after comments from Treasury Secretary Steven Mnuchin’s fueled optimism that the United States and China were close to striking a trade deal, while the tech sector was boosted by chipmaker Micron’s upbeat results.
“We were about 90% of the way there (with a deal) and I think there’s a path to complete this,” Mnuchin said in an interview to CNBC.
Tech stocks were the biggest gainers among the 11 major S&P sectors, with a 1.53% jump, while the trade-sensitive industrial index rose 0.17%.
“Any good news on trade is good news for the equity markets. As long as the two countries are negotiating, it’s a good thing and that’s what is moving markets at this time,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
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