Wall Street rises on Trump's commercial comments; Nike reaches a record by Reuters

By Sruthi Shankar and Ambar Warrick

(Reuters) – US stock indexes rose on Wednesday after President Donald Trump announced that a trade deal with China could be concluded sooner than expected, while Nike's shares reached a record with results quarterly optimistic.

Wall Street had a slow start after Democratic lawmakers decided to open an impeachment investigation against Trump, adding new uncertainties to markets already troubled by the US-China standoff and the concern over slowing global economic growth.

Trump's comments were in contrast to his harsh rhetoric on Tuesday over the trade dispute, which rocked global stock markets on Wednesday.

"That's just part of his rhetoric, it's changing from one day to the next, we just have to wait to see if that really happens," said Peter Cardillo, chief market economist at Spartan. Capital Securities in New York.

Nike Inc (N 🙂 shares jumped 5.1% to a record high, and were among the largest increases in the Dow Jones Industrial Average () and the S & P 500 () after the first quarter results of the company have exceeded market expectations.

Shoe retailer Foot Locker Inc (N 🙂 gained 3.3%.

Shares of Philip Morris (N 🙂 jumped 6.2% after tobacco company canceled merger talks with Altria Group Inc. (N 🙂 and stated that it would focus instead on the US launch of its tobacco heating product, iQOS.

Boeing Co (N 🙂 increased 1.7% after the aircraft manufacturer reported having created a new permanent safety committee following two fatal accidents of the 737 MAX.

At 11:36 am ET, the Dow Jones Industrial Average () was up 132.49 points, or 0.49 percent, at 26,940.26, while the S & P 500 () was up 5 percent. , 87 points, or 0.20%, at 2,972.47. Nasdaq Composite () advanced 14.06 points, or 0.18%, to 8,007.69.

Marathon Petroleum Corp. (N 🙂 grew 6.3% and was among the top winners in the S & P 500 after activist investor Elliott Management renewed its split bid into three companies.

Broadcom Inc (O 🙂 chip maker lost 3.3% and was the biggest loser in the S & P 500 after setting the price of an increased convertible preferred share offering.

The data showed that sales of new single – family homes in the United States rebounded more than expected in August, a sign that the troubled housing market was beginning to benefit from a reduction in homeownership rates. loan.

Increasing issues outnumbered decliers with a ratio of 1.13 to 1 on the NYSE and a ratio of 1.17 to one on the Nasdaq.

The S & P index recorded 4 new highs over 52 weeks and no new lows, while the Nasdaq recorded 10 new highs and 80 new lows.