Hopes For A China Trade Deal Market Surges

(CNBC) Stocks surged on Tuesday as Wall Street increased bets on a U.S.-China trade deal after President Donald Trump said he will be meeting with his Chinese counterpart Xi Jinping at the upcoming G-20 summit. Sentiment was also lifted by hope that the Fed will ease monetary policy later this year. The Dow Jones Industrial Average jumped 353.01 points to 26465.54 as 3M and Boeing outperformed. The S&P 500 climbed 1 to 2917.75 while the Nasdaq Composite advanced 1.4 to 7953.88. The S&P 500 also closed 1.2 from its all-time intraday high of 2954.13 which was reached May 1. Trump said in a tweet he had a very good telephone conversation " with Xi. He added: We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting." The summit will start on June 28.