US stocks gained on Wednesday on hopes of a trade truce between the United States and China at the upcoming G20 Summit, while investors looked forward to Fed Chairman Jerome Powells speech for clues on the path of interest rate hikes.Though President Donald Trump talked tough ahead of a high-stakes upcoming meeting with Chinas President Xi Jinping, White House economic adviser Larry Kudlow on Tuesday held open the possibility that the two countries would reach a trade deal.
Industrial stocks, which have borne the brunt of the protracted trade war, rose 0.16 per cent, helped by Boeings 1.9 per cent jump and Caterpillar 0.4 per cent rise.Trade has been an issue for a long time and any hint that the China-US trade dispute could be resolved could make a pick up in global growth, said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh.Meanwhile, Fed Chairman Powell is set to speak on The Federal Reserves Framework for Monitoring Financial Stability before the Economic Club of New York Signature Luncheon at 12:00 p.m.
ET.