Here’s what happened to the stock market on Wednesday


Dow Jones Industrial Average jumps 181 points

The Dow climbed 181.97 points, or 0.70% to close at 26,346.01. The S&P 500 gained 0.91% to end the day at 2,919.40. The Nasdaq Composite advanced 1.02% to 7,903.74. Stocks got a jolt from a report that stoked hopes for the U.S.-China trade talks.

Trade hopes rise heading into US-China talks

Bloomberg News reported that China is ready to accept a partial trade deal, lifting investor sentiment ahead of talks that are set to begin Thursday. The only condition, according to the report which cites an official, is President Donald Trump holding off on additional U.S. tariffs on Chinese products. The report added, however, negotiators are not optimistic about reaching a broad deal that would end the trade conflict. Market expectations for a broad deal were low entering the week, but investors are looking for signs the two sides are making progress to eventually end the trade war. If negotiators fail to ease the uncertainty around global trade, stocks could add to their losses for the month.

Apple gains offsets JNJ losses

Apple shares rose more than 1% after an analyst at Canaccord Genuity hiked his price target on the tech giant to $260 per share from $240, citing strength in iPhone 11 sales. Johnson and Johnson, another Dow member, fell nearly 2%, however. The stock was hit after a Philadelphia jury ruled one of the company’s subsidiaries must pay $8 billion in a case linking Risperdal to male breast growth.

What happens next?

The U.S.-China trade talks will be front and center for investors on Thursday. Investors will also look at the latest reading on the consumer price index, which is scheduled for release at 8:30 a.m. ET. Read more here.

Subscribe to CNBC on YouTube.

Articles You May Like

The Fair Tax Act, explained: What to know about the Republican plan for a national sales tax, decentralized IRS
Stocks making the biggest moves midday: Chevron, Tesla, Seagate Technology, United Rentals and more
How To Save Your Retirement Plans From Falling Apart
Audi’s new EV is a luxury SUV with augmented reality that doubles as a pickup
Tax Cheats, Dodgers, Avoiders, And Evaders

Leave a Reply

Your email address will not be published. Required fields are marked *