S&P 500 Rises for Third Day Amid Trade Hope
Stocks climbed on Tuesday as investors hoped for a positive resolution on trade discussions between the U.S. and China.
The Dow Jones Industrials gained 105.11 points to 42,866.87.
The S&P 500 index added 32.93 points to 6,038.81.
The NASDAQ Composite headed higher 123.75 points to 19,714.99.
Talks between U.S. and Chinese officials in London are continuing for the second day. U.S. Commerce Secretary Howard Lutnick said on Tuesday that the discussions are “going well, and we’re spending lots of time together” and that he expected talks to go on all day.
Traders are monitoring the discussions for signs of a deal that doesn’t involve the countries enforcing lofty tariffs on one another.
Both nations agreed last month to slash their duties temporarily, which was seen as a major breakthrough in trade negotiations after U.S. President Donald Trump unveiled his plan for broad and steep levies on imports.
OpenAI will add Alphabet’s Google cloud service in a deal that was finalized in May. Under the deal, Google’s cloud unit will supply additional computing capacity for OpenAI’s existing infrastructure for training and running its AI models.
Google shares gained $2.38, or 1.3%, to $180.01.
Tesla stock could come under pressure due to poor fundamentals, according to Wells Fargo. Tesla shares galloped $17.51, or 5.7%, to $326.09.
Prices for the 10-year Treasury gained slightly, lowering yields to 4.47% from Monday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices retreated 39 cents to $64.70 U.S. a barrel.
Gold prices lost $5.40 to $3,349.50 U.S. an ounce.
