Wall Street opens higher on renewed trade optimism

Eren Sengezer FXStreet

Inspired by the strong gains recorded in global equity indices, Wall Street started the day in the positive territory on Friday. As of writing, the Dow Jones Industrial Average was up 0.1% on the day while the S&P 500 and the Nasdaq Composite were adding 0.3% and 0.7% respectively.

Hopes of the U.S. and China reaching a trade deal when President Trump and his Chinese Counterpart Xi meets in mid or late April boosted the market sentiment ahead of the weekend. Chinese news agency Xinhua reported that further progress in trade negotiations were made following the phone conversation between Chinese Vice Premier Liu He and Treasury Secretary Mnuchin and Trade Representative Lighthizer.

Among the 11 major S&P 500 sectors, technology adds more than 1% to lead the rally while materials and financials follow with 0.7% and 0.4% gains. On the other hand, defensive sectors utilities and real estate stay in the negative territory in the early trade.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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