The Dow Jones Industrial Average climbed 78 points as Intel and Apple outperformed. The S&P 500 gained 0.3%, led by the energy and tech sectors. The Nasdaq Composite advanced 0.7%.
Treasury Secretary Steven Mnuchin lifted expectations of a potential trade deal between China and the U.S.
Trade talks stalled last month after the U.S. hiked tariffs on billions of dollars worth of Chinese imports. China retaliated with tariffs of its own. Those fears dissipated in June after Trump said he and Xi agreed to meet at the G-20, stoking hope of trade progress between the two countries.
Investors are betting the Fed will cut rates by at least 25 basis points in July. Those expectations helped lift the major stock indexes this month. The Dow and S&P 500 were both up at least 6% for June entering Wednesday’s session. The Nasdaq was up 5.8%.