Stocks Opened Higher on Renewed Trade Optimism

U.S. stocks opened higher on Wednesday amid more upbeat reports on the status of progress in a U.S.-China trade deal. The Dow Jones Industrial Average lately rose 175.22 points. or 0.64%, to 27,678.03. The S&P 500 advanced 17.69 points, or 0.57%, to 3,110.89. The Nasdaq Composite climbed 51.56 points, or 0.61%, to 8,572.21.

Oil futures rose Wednesday, buoyed after industry data showed a large drop in U.S. crude oil inventories and as traders await a meeting of OPEC producers and their allies amid growing expectations for an agreement to extend and deepen output cuts. West Texas Intermediate crude for January delivery rose 91 cents, or 1.6%, to $57.01 a barrel, while February Brent crude was up $1.08, or 1.8%, at $61.90 a barrel.

U.S. negotiators expect that a phase one deal with China will be completed before more tariffs on Chinese goods are set to take effect December 15, Bloomberg reported Wednesday.

Private-sector employment slowed sharply in November, payroll processor ADP said Wednesday. Large businesses, meaning those with about 500 employees or more, added 27,000 jobs. Mid-sized enterprises (50-499 employees) added 29,000 positions, while small employers, or those with one to 49 workers, tacked on 11,000 jobs.

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