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Optimism over trade sends US stocks sharply higher

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first_imgPotentially encouraging news on trade and interest rates put Wall Street in a buying mood Tuesday, driving the market to solid gains and sending the Dow Jones Industrial Average 350 points higher.Technology stocks powered much of the rally as investors welcomed news that the leaders of the U.S. and China will meet face-to-face next week to discuss their long-running trade dispute. Traders have been hoping for any positive sign in the trade war between the world’s largest economies.It’s not the first time the market has rallied on seemingly encouraging developments on trade. Previous positive signs did not pan out, triggering market turbulence.“You sort of have to ignore it a little bit,” said Tobias Carlisle, founder and portfolio manager at Acquirers Funds. “It’s probably going to drag out to the end of the year, so what we’re trying to do is buy something undervalued, and it’s great when there’s a day like today and it works.”Markets also got a boost after the head of the European Central Bank said it was ready to cut interest rates and provide additional economic stimulus if necessary. The remarks put the spotlight on the Federal Reserve, which is set to announce its own decision on interest rates Wednesday.last_img read more