Stocks Climb on Hopes US-China Talks Will Go Well: Markets Wrap

Wall Street’s hopes the US and China are nearing a trade deal lifted riskier assets, with stocks hitting all-time highs amid a rally in crypto. As demand for safety waned, gold fell alongside short-term bonds.

The S&P 500 climbed 1.2% as Chinese and US trade negotiators have lined up an array of diplomatic wins for Donald Trump and Xi Jinping to unveil at a summit this week. With further Federal Reserve interest-rate cuts on the way, the profit outlook is looking increasingly brighter.

Stocks hit record.

Photographer: Michael Nagle/Bloomberg

“The market is on fire,” said Louis Navellier at Navellier & Associates. “This reflects ...