Stocks Ended Higher after Trade Deal Signing

U.S. stocks ended higher on Wednesday, after President Donald Trump signed the first phase of a trade pact with China. The Dow Jones Industrial Average rose 90.55 points, or 0.31%, to 29,030.22. The S&P 500 gained 6.14 points, or 0.19%, to 3,289.29. The Nasdaq Composite advanced 7.37 points, or 0.08%, to 9,258.70.

Oil futures declined Wednesday with U.S. prices at their lowest in six weeks after weekly government data revealed hefty increases in domestic supplies of gasoline and distillates. West Texas Intermediate crude for February delivery lost 42 cents, or 0.7%, to settle at $57.81 a barrel. March Brent shed 49 cents, or 0.8%, to $64 a barrel.

U.S. President Donald Trump and Chinese Vice Premier Liu He signed an initial trade deal at the White House earlier on Wednesday. The text of the deal includes promises by the Chinese to increase their purchases of U.S. agricultural, manufacturing, and energy products, along with purchases of services, by more than $200 billion over the next two years.

The U.S. economy expanded at a modest pace through the final six weeks of 2019 but uncertainty over U.S. trade policy continued to hurt firms, a survey conducted by the Federal Reserve said on Wednesday.