Tech boost, trade optimism lead Wall Street higher

Wall Street rose on Wednesday, as technology shares gained on the back of Micron...

- Wall Street rose on Wednesday, as technology shares gained on the back of Micron’s upbeat results, while comments from Treasury Secretary Steven Mnuchin fueled hopes that the United States and China were making progress in their trade talks.

Market participants are hoping for a speedy resolution of differences between the two sides as their bitter trade war takes a toll on global growth. “The tariff war remains a major headwind for the global economy,” said Craig Erlam, senior market analyst at OANDA in London. The company said it had resumed some shipments to Chinese telecoms equipment maker Huawei Technologies Co Ltd and still expected demand for its chips to recover later this year.At 12:55 p.m. ET the Dow Jones Industrial Average was up 90.24 points, or 0.34%, at 26,638.46 and the S&P 500 was up 6.71 points, or 0.23%, at 2,924.09.

Capping gains on the S&P 500 was a 1% drop in the healthcare sector, weighed by losses in Johnson & Johnson, Pfizer Inc and Merck & Co Inc.

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