NEW YORK (Reuters) – U.S. stocks closed up on Wednesday afternoon, though well below their session highs as investors pulled back in the last few minutes of trading despite optimism about U.S.-China trade relations and some reassuring signs in British politics.
U.S. President Donald Trump, in an interview with Reuters on Tuesday, said trade talks were under way with China. Traders said China made the first major purchase of U.S. soybeans since Washington and Beijing agreed to a temporary trade truce this month.
The article goes on to state the following:
While investors were still wary of market volatility between now and a March 1 deadline for a trade agreement, they sounded optimistic about the latest news.
“Everything Trump says is a negotiating posture … You’d want statements that are more data and fact driven from the president. However this approach is making China think twice about their hard stance,” said Ernesto Ramos, Managing Director of Active equities for BMO Global Asset Management in Chicago. “This relentless pushing by Trump is making China give up some ground. That’s what’s cheering up the market.”
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