Stocks higher in anticipation of a trade deal

By MarketsFOXBusiness

Stocks lift as trade worries begin to diminish

Money Map Press investment strategist Keith Fitz-Gerald and Bubbatrading.com chief strategist Todd Horwitz on how the stock market has reacted to the U.S.-Mexico trade deal and the strength of the economy.

Shares of technology companies lifted the U.S. stock market Wednesday as the tech-heavy Nasdaq Composite and broader S&P 500 index closed at record highs -- for the fourth day in a row.

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The day’s gains reflected optimism that Canada will join the U.S. and Mexico in a trade deal. Talks were underway in Washington, D.C.

Shares also rose on unexpectedly robust economic news: The government said that second-quarter GDP was revised to 4.2 percent versus the initial 4.1 percent. Analysts had expected no change. June pending home sales index increased 0.9 percent, versus expectations for an unchanged reading. Of note, June 2018 pending home sales were down 2.5 percent year-over-year.

The Nasdaq surged nearly 1 percent to a record 8,109.69, while the S&P 500 index of large capitalization companies jumped to a record 2,914.04.

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES27314.34+142.44+0.52%
SP500S&P 5002995.4+10.37+0.35%
I:COMPNASDAQ COMPOSITE INDEX8217.9671+13.83+0.17%

In commodities, oil jumped to $69.72, a three-week high, as the Energy Information Administration reported that the nation’s crude oil inventories fell by 2.6 million barrels for the week ended Friday.

On Tuesday, the S&P 500 and Nasdaq edged higher to new record highs on Tuesday, with the Nasdaq posting an all-time closing high for the third-straight session. The S&P 500 also briefly hit 2,900 for the first time during intraday trading. The Dow also finished fractionally higher.

FOX Business’ Ken Martin and Leia Klingel contributed to this article.