Dow closes up triple digits as US-China trade tensions ease
U.S. stocks closed up triple digits Wednesday on news that Trump would be willing to intervene in the case of a Huawei executive arrested in Canada -- if it would help a trade deal with China.
Shares also gained from a report that China is preparing a plan to give foreign companies greater access to local markets.
In addition, worries about geopolitical uncertainty eased after British Prime Minister Theresa May survived a no-confidence vote.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
President Trump he would intervene in the Department of Justice’s case against Huawei's chief financial officer if it would advance trade talks with China.
“If I think it’s good for the country, if I think it’s good for what will be certainly the largest trade deal ever made – which is a very important thing – what’s good for national security – I would certainly intervene if I thought it was necessary," he said in an interview with Reuters.
In London, the no-confidence vote by members of her Conservative Party reflected unhappiness with the Brexit deal she has negotiated with the European Union. Still, she won the poll, 200-117, to retain her position. May needed at least 159 votes to win.
Some of the biggest gainers were trade-related stocks like Catepillar, Boeing, General Motors, AMD, Broadcom, Micron Technology, Intel, DowDuPont and Bunge.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AVGO | BROADCOM INC. | 164.23 | +0.29 | +0.18% |
| BA | THE BOEING CO. | 149.27 | +5.87 | +4.09% |
Chinese and Hong Kong stocks edged higher on Wednesday after Huawei's chief financial officer was granted bail by a Canadian court, and as President Trump sounded upbeat about a trade deal with China.
The Shanghai Composite ended the day up 0.3 percent.
Hong Kong’s Hang Seng index closed higher by 1.6 percent.
Japan’s Nikkei soared to finish the session higher by 2.2 percent.
On the economic calendar, November consumer prices came in unchanged, which was right in line with expectations. When you back out food and energy, the core CPI rose 0.2 percent. That also matched expectations.
On Tuesday, the Dow Jones Industrial Average closed lower after a volatile session that saw it rise more than 300 points before plunging more than 500 points over investor fears of a government shutdown.
The blue-chip index fell 53 points. The S&P 500 also fell, while the Nasdaq Composite rose slightly.
Fox Business' Mike Obel contributed to this article.