Stocks closed broadly higher Wednesday amid renewed hopes on Wall Street that a U.S. trade deal with China may be nearing, despite tough recent talk from President Donald Trump.
The gains snapped a three-day losing streak for the S&P 500, though the benchmark index remains on track for a weekly decline.
The market has swung sharply for months on every hint of progress about talks between the world’s largest economies, and the latest flip-flop followed a report from Bloomberg News saying U.S. negotiators expect a “Phase 1” trade agreement to be completed before U.S. tariffs are set to rise on Chinese products Dec. 15.
The report came a day after Trump said he wouldn’t mind waiting until after the 2020 elections for a deal, a remark that officials reportedly called off the cuff but nevertheless sent markets skidding.