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S&P 500 ends 3-day slide as stocks rise broadly

By ALEX VEIGA and STAN CHOE, Associated Press
Published: December 4, 2019, 6:21pm
6 Photos
Traders Robert Arciero, left, and Timothy Nick work on the floor of the New York Stock Exchange, Wednesday, Dec. 4, 2019. Stocks are opening broadly higher as traders became more hopeful that a trade deal between the U.S. and China was making progress.
Traders Robert Arciero, left, and Timothy Nick work on the floor of the New York Stock Exchange, Wednesday, Dec. 4, 2019. Stocks are opening broadly higher as traders became more hopeful that a trade deal between the U.S. and China was making progress. (AP Photo/Richard Drew) Photo Gallery

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.

“The trade war will be the key driver of sentiment in the immediate few weeks,” DBS Group analysts wrote.

Health care and financial stocks drove much of Wednesday’s rally. Energy companies notched the biggest gain following a 4.2 percent increase in the price of U.S. crude oil.

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