Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stocks are closing solidly higher on Wall Street as traders become more hopeful that some of the U.S.'s frictions with its trading partners will ease.
Treasury Secretary Steven Mnuchin said Wednesday that Washington is getting closer to lifting tariffs on steel and aluminum from Canada and Mexico.
Mnuchin also said he would travel soon to Beijing to resume trade talks.
Longtime market favorites had some of the biggest gains. Google parent company Alphabet rose 4.1%, Facebook rose 3.1% and Amazon climbed 1.7%.
The S&P 500 index rose 16 points, or 0.6%, to 2,850.
The Dow Jones Industrial Average rose 115 points, or 0.5%, to 25,648. The Nasdaq rose 87 points, or 1.1%, to 7,822.
Bond prices rose sharply. The yield on the 10-year Treasury fell to 2.37%
Stocks have shaken off an early slump and are higher in midday trading as hopes build that trade tensions may ease.
Major carmakers turned higher Wednesday following media reports that the U.S. is planning to delay new tariffs on car and auto part imports from Europe.
Ford and Fiat Chrysler rose 1%. General Motors rose 0.5%.
Banks were still lower following a steep drop in bond yields. Bank of America fell 1%.
The S&P 500 index rose 19 points, or 0.7%, to 2,854.
The Dow Jones Industrial Average rose 146 points, or 0.6%, to 25,680. The Nasdaq rose 89 points, or 1.1%, to 7,823.
Bond prices rose. The yield on the 10-year Treasury fell to 2.39%
Stocks are pulling back in early trading led by declines in banks and technology companies.
Banks were coming under pressure early Wednesday as bond yields fell sharply. Lower yields mean lower interest rates on loans, which makes lending less profitable. Bank of America lost 1.5%
Among technology stocks, Salesforce.com fell 3.8% and chipmaker Nvidia gave up 2.3%.
Macy's climbed 1.4% after turning in results that beat forecasts.
The S&P 500 index fell 17 points, or 0.6%, to 2,817.
The Dow Jones Industrial Average fell 168 points, or 0.7%, to 25,373. The Nasdaq gave up 33 points, or 0.4%, to 7,700.
Bond prices rose. The yield on the 10 year Treasury fell to 2.37%
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.