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U.S. stocks rose slightly Wednesday, continuing a strong start to the season, boosted by rising chip manufacturers as hopes for a trade agreement between China and the United States grew.
Kudrow, director of the White House National Economic Committee, said Wednesday that the U.S. -China trade talks made "good progress" in Beijing last week, with the goal of bridging differences in talks that could last more than three days this week.
Chip manufacturers in particular benefit, with a large portion of their revenue coming from China. The Philadelphia Semiconductor Index rose 3% to a record high. The index closed up 2.3%.
AMD jumped 8.5%, the largest S&P 500 company, and Intel (INTC.O) rose 2%, after Nomura Instinet gave the two companies an initial rating of "buy".
The Institute for Supply Management (ISM) said the index of service sector activity in March was lower than expected, reaching its lowest level since August 2017.
Earlier ADP employment reports showed that private jobs in the United States increased by 129,000 in March, lower than analysts expected.
"This is a grim reality tug-of-war between trade agreement hopes and disappointing economic news," said Oliver Pursche, chief market strategist at Bruderman Asset Management.
The Dow Jones industrial average. DJI rose 39 points, or 0.15%, to 26,218.13; the S&P 500 index. SPX rose 6.16 points, or 0.21%, to 2,873.4; and the Nasdaq index. IXIC rose 46.86 points, or 0.6%, to 7,895.55.


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