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Wall Street opens sharply higher boosted by hopes of a US-China trade deal

Written by By Eren Sengezer | 2019-10-09 13:56:09 GMT
  • Bloomberg report claims China is open to a partial deal with the United States (US).
  • Energy shares rise sharply on crude oil recovery on Wednesday.
  • All 11 major S&P 500 Sectors rise in early trade. 

Wall Street's main indexes capitalized on the upbeat market mood on Wednesday and opened sharply higher. As of writing, the Dow Jones Industrial Average was up 0.6% on the day while the S&P 500 and the Nasdaq Composite were adding 0.55% and 0.95% on a daily basis.

Earlier in the day, citing sources with direct knowledge of the matter, Bloomberg reported that China was open to making a partial trade deal with the US despite Trump administration's blacklisting of some Chinese tech firms and caused risk-on flows to dominate the markets.

Among the 11 major S&P 500 sectors, which are all in the positive territory in the early trade, the Energy Index is leading the gains by rising 1.2% on the day supported by recovering crude oil prices. The risk-sensitive Technology Index is also up 1%.

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