“Tech and semis are a huge part of what China does and what the U.S. consumes,” Michael Antonelli, market strategist at Robert W. Baird, told Reuters. “The price action in this sector (semiconductors) will be viewed as a positive going forward.”
Trade Talk Optimism a Catalyst
Optimism over trade talks also bolstered sentiment as White House economic adviser Larry Kudlow was upbeat about the trade talks, adding that Beijing and Washington hope to get closer to a deal this week.
“The fact that a trade deal is probably at hand is helping lift markets,” Peter Cardillo, chief market economist at Spartan Capital Securities, told Reuters.
The Financial Times reported the U.S. and China resolved most of the sticking points preventing an agreement to end their months-long tariff row, according to the Wall Street Journal.
“We are clearly getting to a point where there is going to be a conclusion of those talks,” Seema Shah, senior global investment strategist at Principal Global Investors, told the Wall Street Journal. “It is fair for the market to expect some kind of resolution.”
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