U.S. markets and stock exchange traded funds pushed higher Wednesday on rising optimism over a trade deal with Beijing, along with support from the technology sector as bullish calls lifted semiconductors to record highs.
On Wednesday, the Invesco QQQ Trust (NASDAQ: QQQ) rose 0.6%, SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) added 0.1% and SPDR S&P 500 ETF (NYSEArca: SPY) was up 0.2%.
Fueling the risk-on sentiment, Advanced Micro Devices surged and was the biggest winner in the S&P 500 after Nomura Instinet covered both AMD and Intel with “buy” ratings, Reuters reports.
Chipmakers, which are heavily tied to China for their revenue, also strengthened this year on optimism over trade and recovering demand for chips.
The benchmark Philadelphia Semiconductor index also jumped as much as 3% to a record high on Wednesday.