US stocks climb as investors hang hopes on stimulus progress and US-China trade talks

Reuters

• US stocks climbed on Wednesday as investors remained hopeful for a stimulus bill breakthrough.
• Treasury Secretary Steven Mnuchin said Tuesday that Democrats and the Trump administration hope to reach a deal by the end of the week.
• Fears of rising US-China tensions eased following reports that senior officials from both countries will meet on August 15 to discuss their "phase one" trade deal.
• Still, ADP jobs data offered a bleak look at the US economic recovery. The country added 167,000 private payrolls in July, well below the 1.2 million estimate from economists surveyed by Bloomberg.
• Watch major indexes update live here.

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US equities rose on Wednesday as optimism around passing a second stimulus bill outweighed dismal jobs data.

Republicans and Democrats face increasing pressure to ink a deal on a second round of fiscal relief. Treasury Secretary Steven Mnuchin said Tuesday that the White House and Democratic legislators hope to finalize a deal by the end of the week. Still, disagreements on unemployment insurance expansion and the overall package's size stand in the way of a breakthrough.

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See Also:

• Skyrocketing savings rate means Congress can pass economic stimulus for cheap, Fed's Kashkari says
• The Trump administration says it's open to signing a stimulus package that doesn't include a McConnell-backed liability shield for businesses
• US weekly jobless claims hit 1.4 million, post second straight weekly increase

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