Stocks rise on report that U.S.-China trade deal is '90%' done
Stock benchmarks on Wednesday were trading in positive territory, but the Dow was off its intraday highs, as investors reacted to upbeat comments on U.S.-China trade talks but weighed a shaky a private-sector employment report.
High-level discussions that began in Beijing last week are set to resume Wednesday in Washington, as China’s Vice Premier Liu He prepares to meet with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin. The parties hope to set the stage for a summit between President Donald Trump and Chinese President Xi Jinping, where a final trade agreement could be signed as early as this month, though the timing of deal remains uncertain.
The president blames Mnuchin for recommending Powell for the job, while reportedly telling Powell in a recent phone conversation that “I guess I’m stuck with you.” Shares of Blue Apron Holdings Inc. APRN, +7.34% may be in focus after the meal-delivery company late Tuesday said Chief Executive Bradley J. Dickerson had resigned. The company appointed former Etsy executive Linda Kozlowski to replace him. Shares are up 11.1% in premarket trade.
The Institute for Supply Management’s services sector gauge fell to 56.1% in March, down from 59.7% in February. Economists polled by MarketWatch had expected a 58.1% reading.
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