KPMG Chief Economist Constance Hunter and Federated Investments’ Phil Orlando talk about the China trade deal and how Trump’s impeachment inquiry affects the market.
Continue Reading Below
China's commerce ministry said on Thursday that the two countries are in close communication about the next round of talks, according to Reuters.
The next round is scheduled in two weeks.
The three major U.S. futures indexes are trading 0.2 percent higher.
On Wednesday, Trump told reporters China wants "to make a deal very badly" and it "could happen sooner than you think."
The U.S.-Chinese dispute over Beijing's trade surplus and technology ambitions has fueled anxiety the global economy could tip into recession. Both sides have raised tariffs on billions of dollars of each other's goods, hurting factories and farmers on both sides.
Negotiators are due to meet next month in Washington for a 13th round of talks. Economists say a temporary deal is possible but a final settlement is unlikely this year.
Trump signed a trade deal with Prime Minister Shinzo Abe of Japan on Wednesday that covers farm, industrial and digital trade but leaves tariffs on autos and parts at 2.5 percent.
On Wall Street, the benchmark Standard & Poor's 500 index gained 0.6 percent, the Dow Jones Industrial Average gained 0.6 percent and the Nasdaq climbed 1.1 percent.
Markets rose despite the release of a summary of a July phone call between Trump and Ukraine's president that is at the center of a congressional impeachment inquiry into Trump.
In Asia, Tokyo's Nikkei closed with a gain of 0.1 percent, Hong Kong's Hang Seng finished with a gain of 0.4 percent and China's Shanghai Composite Index ended the day down 0.9 percent.
Trading in Chinese markets will be halted next week for the National Day holiday.
In Europe, London's FTSE was up by 1 percent, Germany's DAX added 0.5 percent and France's CAC was 0.7 percent higher.
The Associated Press contributed to this article.