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Wall Street rises on trade talk hopes

Video Credit: Reuters - Business (Amazon FireT - Duration: 01:05s - Published
Wall Street rises on trade talk hopes

Wall Street rises on trade talk hopes

U.S. stocks surged Tuesday, and the S&P 500 approached a record high after Washington rekindled trade talks with Beijing.

Fred Katayama reports.


Optimism over China trade talks sent investors shopping for stocks Tuesday.

The S&P 500 inched closer to a record level.

President Donald Trump's comment that the U.S. and China would restart trade talks sparked the buying.

Vespula Capital CEO Jeff Tomasulo: SOUNDBITE: VESPULA CAPITAL CEO JEFF TOMASULO (ENGLISH) SAYING: "You've gotta be really cautious, right?

Now, we're one percent away from the all-time high.

You know, to me, with all the uncertainty out there, I would be very cautious because the risk really is to the downside.

How much more can you really make on the upside?" Trade-sensitive industrial and chip stocks jumped on the news that Trump would meet with Chinese President Xi Jinping at the G20 summit later this month.

Nvidia, Xilinx, and Micron Technology gained more than 5 percent.

Facebook climbed.

The social networking company revealed plans to launch a cryptocurrency called Libra.

Boeing shares helped lift the Dow.

The planemaker got a vote of confidence from British Airways owner IAG, landing an order for its 737 MAX jets valued at more than $24 billion.

The MAX planes have been grounded since March after two deadly crashes.

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