ALSO READWall Street rises as trade worries ease, tech stocks gain; Dow rises 1.4% Wall Street tumbles on tech sector, trade war worries; Dow falls 1.9% Wall Street ends down as global trade worries mount; Dow falls over 2% Dow slides 250 points as trade war worries weigh on industrial stocks Wall Street climbs as trade war fears cool; Facebook slumps more than 3%
The technology sector, which would be particularly exposed to a negative impact from tense trade relations with China, provided the biggest boost to the S&P 500.
"With (Xi's comments), we got the signal for 'risk on' in trading today," said Mariann Montagne, portfolio manager at Gradient Investments in Arden Hills, Minnesota. "That's why we've seen tech and biotech performing very strongly today."
Facebook shares added the most gains to the S&P 500, rising 4.5% after Chief Executive Mark Zuckerberg began his testimony before Congress and took questions from lawmakers. It was the biggest one-day percentage gain for the stock in nearly two years.
Zuckerberg's testimony aimed to strike a conciliatory tone in an attempt to blunt possible regulatory fallout from the privacy scandal engulfing his social network.
The energy index had the highest percentage gain among the S&P's 11 major sectors, adding 3.3% as oil broke above $70 a barrel.
Only utilities and real estate, which are sensitive to interest rates, posted losses after US producer prices rose more than expected in March, indicating that inflation is strengthening, which could push interest rates up further.
However, the increase in producer prices did not prompt broader concerns about future market performance.
Advancing issues outnumbered declining ones on the NYSE by a 3.16-to-1 ratio; on Nasdaq, a 3.93-to-1 ratio favored advancers.
Volume so far on US exchanges was 7.14 billion shares, compared with the 7.33 billion-share average for the full session over the last 20 trading days.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)