Dow surges 346 points as trade worries ease

By , StocksFOXBusiness

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Stocks rallied Wednesday with the Dow Jones Industrial Average posting a triple-digit gain, boosted by gains in the industrial and financial sectors.

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The Dow added 346.41 points, or 1.4%, to 25,146.39. The S&P 500 rose 23.55 points, or 0.86%, to 2,772.35. The Nasdaq Composite climbed to another record high, gaining 51.38 points, or 0.67%, to 7,689.24.

Industrial names were climbing as investors shrugged off mixed reports on trade ahead of the G7 meeting, while financials were boosted by the 10-year Treasury yield approaching a two-week high.

JPMJP MORGAN CHASE & CO.113.54-1.13-0.99%
CATCATERPILLAR INC.136.23+2.37+1.77%
BABOEING COMPANY377.36+16.25+4.50%

The yield increased in anticipation that the Federal Reserve will hike rates when it meets next week.

SP500S&P 5002976.61-18.50-0.62%
I:DJIDOW JONES AVERAGES27154.2-68.77-0.25%
I:COMPNASDAQ COMPOSITE INDEX8146.488965-60.75-0.74%

On Wednesday, both the Nasdaq and the Russell 2000 touched all-time highs while the Dow climbed back above 25,000. Dow components Microsoft, Visa and Nike touched record highs.

Economic data released Wednesday included the April trade deficit, which fell to a 7-month low as exports set a record. First-quarter productivity was revised to a 0.4% annual pace compared to the 0.7% originally reported.

Oil futures fell 1.2% to $64.73 a barrel, while gold futures were little changed.

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