By Noel Randewich
The third straight session of gains, started last Friday after robust U.S. jobs data and dovish comments on interest rates by Federal Reserve chief Jerome Powell, has lifted the S&P 500 <.SPX> by over 9 percent from 20-month lows hit around Christmas.
The United States and China will extend trade talks in Beijing for an unscheduled third day, a member of the U.S. delegation said, as the world's two largest economies looked to resolve their bitter trade dispute. So far, officials from both sides have sounded optimistic, with President Donald Trump saying talks were going well.
The trade-sensitive S&P industrials sector <.SPLRCI> rose 1.25 percent. Boeing Co
The Philadelphia Semiconductor index <.SOX> slid 1.02 percent. Adding to the woes, Goldman Sachs forecast a tough year for chipmakers, particularly in the first half.
Other investors remained upbeat about upcoming U.S. quarterly results.
"It's the new year and investors are really stepping back and taking a look at the fundamentals, and realizing its not as bad a story as maybe we thought toward the end of the year," said Jeff Kravetz, a regional investment strategist at U.S. Bank Wealth Management.
The communication services index <.SPLRCL> climbed 1.48 percent, with Facebook adding 2.89 percent.
At 2:14 pm ET, the Dow Jones Industrial Average <.DJI> was up 1.1 percent at 23,789.22 points, while the S&P 500 <.SPX> had gained 0.84 percent to 2,571.04.
The Nasdaq Composite <.IXIC> added 0.98 percent to 6,890.63.
Financials <.SPSY> was the only S&P index to log losses, down 0.33 percent as the U.S. Treasury yield curve
Advancing issues outnumbered declining ones on the NYSE by a 2.74-to-1 ratio; on Nasdaq, a 1.96-to-1 ratio favoured advancers.
The S&P 500 posted no new 52-week highs and 1 new lows; the Nasdaq Composite recorded 24 new highs and 14 new lows.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)