Markets Right Now: Stocks rise as Trump teases trade deal

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

Stocks are closing with solid gains Wednesday after President Donald Trump indicated a trade deal with China could happen soon.

The comment from Trump, along with strong numbers on the housing market, helped stocks overcome early losses.

Technology companies, which have strong business ties to China, were the biggest winners. Chipmaker Nvidia rose 3.3% and Microsoft gained 1.4%.

Banks rose as bond yields went up. Citigroup gained 2.2%. The yield on the 10-year Treasury rose to 1.73% from 1.63% Tuesday.

Nike rose 4.2% after its quarterly profit beat analyst estimates.

The S&P 500 gained 18 points, or 0.6%, to 2,984. The Dow Jones industrials gained 162 points, or 0.6%, to 26,970.

The Nasdaq rose 83 points, or 1.1%, to 8,077. All three indexes are modestly higher for the third quarter.

___

11:50 a.m.

Stocks are higher at midday Wednesday after President Donald Trump indicated a trade deal with China could happen soon.

Technology companies, which have strong business ties to China, reversed earlier losses. Chipmaker Micron rose 2%.

Banks rose as bond yields went up after Trump told reporters that a deal with China could happen sooner than expected.

Citigroup rose 1.7%. The yield on the 10-year Treasury rose to 1.69% from 1.63% Tuesday.

Nike rose 5.6% after its first quarter profit beat analyst estimates.

Shares of Philip Morris gained 6.5% after it ended merger discussions with fellow tobacco giant Altria.

The S&P 500 gained 6 points, or 0.2%, to 2,973. The Dow Jones industrials gained 138 points, or 0.5%, to 26,946.

The Nasdaq rose 19 points, or 0.2%, to 8,012.

___

9:45 a.m.

Stocks are mixed early Wednesday, as sharp gains in Nike and tobacco companies are offset by a decline in technology shares.

Nike rose 5.6% after its first quarter profit beat analyst estimates.

Shares of Altria and Philip Morris International are rising after the tobacco giants said they've ended discussions about a merger. Philip Morris gained 6.2%.

Technology stocks were the biggest losers early. Chipmaker Broadcom dropped 3.8%.

Markets in Asia and Europe fell as they reacted to the news of an impeachment inquiry against U.S. President Donald Trump.

The S&P 500 fell 1 point to 2,965. The Dow Jones industrials gained 24 points to 26,832.

The Nasdaq dropped 20 points, or 0.2%, to 7,973.