New York : (CBS Marketwatch) : U.S. stock indexes headed sharply higher midday Tuesday, pushing the broad-market S&P 500 to within 1% of a closing record as President Donald Trump tweeted that had a productive conversation with Chinese counterpart Xi Jinping.
The Dow Jones Industrial Average DJIA, +1.24% rose 330 points, or 1.3%, at 26,444, the S&P 500 index SPX, +0.97% advanced 31 points, or 1.1%, at 2,920, while Nasdaq Composite Index COMP, +1.45% climbed 121 points, or 1.6%, at 7,966.
The day’s gains put the S&P 500 about 0.9% from its April 30 closing record, the Dow was about 1.4% from its Oct. 3 peak, while the Nasdaq was just a little over 2% from its May 3 closing record, according to FactSet data.
What’s driving the market?
U.S. President Donald Trump on Tuesday said over Twitter that there will be an “extended meeting” with President Xi Jinping of China at the Group of 20 meeting in Japan. Reports from Bloomberg News also confirmed a plan for the two leaders to meet on the sidelines of the gathering of developed global leaders