Stocks close higher for third time in four sessions on growing trade optimism
U.S. stocks recovered from early morning losses Wednesday after reports that the Trump administration was taking steps to ratchet down trade tensions with the European Union, Canada and Mexico. The S&P 500 rose 0.6% or around 17 points higher to 2,851, while the Dow Jones Industrial Average added approximately 116 points, or 0.5% to 25,648, while the Nasdaq Composite index rallied 1.1%, or 88 points, to 7,822. News reports indicated that the Trump Administration was delaying a decision to impose tariffs on auto imports that would have impacted trade partners in the European Union, while Treasury Secretary Steve Mnuchin also said that the administration is working on a plan to remove steel and aluminum tariffs on Canada and Mexico as part of its final push to ratify a new North American trade agreement. Technology shares, which are seen as trade-sensitive, led the market higher, along with shares of U.S. automakers Ford Motor Co. (F) and General Motors Co. (GM)
-Chris Matthews; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 15, 2019 16:08 ET (20:08 GMT)
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