Stocks Ended Higher on Trade Deal Optimism

U.S. stocks closed higher on Wednesday, after President Donald Trump signaled he may be open to extending a deadline on U.S.-China trade war ceasefire. The Dow Industrial Average rose 117.51 points, or 0.46%, to 25,543.27. The S&P 500 gained 8.30 points, or 0.30%, to 2,753.03. The Nasdaq Composite added 5.76 points, or 0.08%, to 7,420.38.

Oil futures settled higher Wednesday, buoyed by reports of further reductions to global output and optimism around constructive U.S.-China trade negotiations. March West Texas Intermediate crude oil added 80 cents, or 1.5%, to settle at $53.90 a barrel. April Brent crude gained $1.19, or 1.9%, to end at $63.61 a barrel.

Trump on Tuesday told reporters from multiple outlets that he would be open to pushing back the current early March deadline to reach a trade deal with China.

The U.S. budget deficit widened to $319 billion in the first three months of the government’s fiscal year as spending increased and revenue was little changed, according to the Treasury Department.

Cisco Systems Inc. (CSCO) reported fiscal second-quarter net income of $2.82 billion, or 63 cents a share, compared with a loss of $8.78 billion, or $1.78 a share, in the year-ago period. Adjusted earnings were 73 cents a share. Revenue rose to $12.45 billion from $11.89 billion in the year-ago quarter.

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