Stocks are rallying as energy leads
U.S. stocks were rallying Wednesday as energy stocks led the way on the back of higher oil prices.
The Dow Jones Industrial Average was up 188 points, or 0.73 percent while the S&P 500 and Nasdaq Composite Index were higher by 0.56 percent and 0.32 percent, respectively. Stocks didn't react to the U.S. Trade Representative's announcement that tariffs on $300 billion worth of Chinese goods will raise by an additional 5 percent beginning on Sept. 1.
Energy stocks were among the top performers with Exxon Mobil and Chevron rallying as West Texas Intermediate crude oil was higher after a government report showed strong demand. Elsewhere in the space, BP traded higher after the company announced a sale of its Alaskan assets to Hilcorp Energy for $5.6 billion.
Meanwhile, Tiffany's was higher, shrugging off concerns its business in Hong Kong could be tarnished by the protests there, which have stretched into a twelfth week.
The U.S. 30-year yield touched a record low of 1.92 percent Wednesday as the yield curve remained near its most inverted level in more than a decade.
European markets traded mixed, with France's CAC off by 0.67 percent as investors worried about increased recession fears. In Asia, Japan's Nikkei gained 0.1 percent gain and China's Shanghai retreated by 0.3 percent.
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Markets have been whipped around in recen days. On Monday, Trump said Beijing was ready for serious trade-war negotiations following two phone calls that happened this past weekend. But a Chinese Foreign Ministry spokesman couldn't confirm any exchange had taken place. U.S. and Chinese trade negotiators are due to meet next month in Washington, but neither side has given any indication of offering concessions to break a deadlock. A round of talks last month in Shanghai ended with no sign of progress.
Ken Martin contributed to this report.