U.S. stocks rose on Wednesday, extending a strong start to the quarter as rising...
- U.S. stocks rose on Wednesday, extending a strong start to the quarter as rising hopes of a trade deal with Beijing and bullish reports lifted the semiconductor index to a record high.
Chip stocks, which are heavily reliant on China for their revenue, have surged more than 27% this year on optimism about trade and recovering demand for chips.“Tech and semis are a huge part of what China does and what the U.S. consumes,” said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.The rally came as White House economic adviser Larry Kudlow sounded upbeat about the trade talks, adding that Beijing and Washington hope to get closer to a deal this week.
Earlier, the ADP National Employment Report showed U.S. private employers added 129,000 jobs in March, below economists’ estimates. The gains put the S&P 500 index 1.7% away from a record high in September as a dovish Federal Reserve and trade hopes set the stage for a strong start to the quarter.
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