Stocks Ended Sharply Higher amid Trade Optimism, Fed Meeting

U.S. stocks ended sharply higher on Tuesday, as investors anticipated renewed U.S.-China trade talks and looser monetary policy from the Federal Reserve. The Dow Jones Industrial Average rose 353.01 points, or 1.35%, to 26,465.54. The S&P 500 climbed 28.08 points, or 0.97%, to 2,917.75. The Nasdaq Composite jumped 108.86 points, or 1.39%, to 7,953.88.

Oil futures rallied Tuesday, after a tweet from U.S. President Donald Trump suggested progress in trade talks with China, lifting benchmark stock indexes and easing concerns over energy demand. West Texas Intermediate crude for July delivery rose $1.97, or 3.8%, to settle at $53.90 a barrel. August Brent crude added $1.20, or 2%, at $62.14 a barrel.

In a tweet Tuesday, Trump said he had a “very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan.”