Stocks post 4th straight gain as hopes build on China trade

Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Jan. 9, 2019. Stocks are opening higher on Wall Street, putting the market on track for a fourth gain in a row. (AP Photo/Richard Drew)
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Jan. 9, 2019. Stocks are opening higher on Wall Street, putting the market on track for a fourth gain in a row. (AP Photo/Richard Drew)

NEW YORK (AP) — Stocks cinched their fourth consecutive gain Wednesday as indexes around the world build on their early 2019 rally. The gains for U.S. indexes faded slightly after President Donald Trump and Democratic leaders said Trump cut short a meeting on ending the partial shutdown of the federal government.

The last four-day winning streak for the S&P 500 ended in mid-September. The index, the benchmark for many mutual funds, retirement plans and investment professionals, has climbed 9.9 percent since Dec. 24.

Negotiators from the U.S. and China extended their trade talks to a third day, which investors took as a sign the discussions were productive even though the two sides didn’t announce any breakthroughs. Stocks linked to faster economic growth kept rising.

Oil prices rose for the ninth day out of 10, bringing U.S. crude back above $50 a barrel for the first time in almost a month. European stocks made solid gains and Asian indexes jumped.

Wednesday’s rally thinned when Trump tweeted that his meeting with Congressional leaders was a “waste of time,” while top Democrats said Trump left after they didn’t agree to fund the border wall Trump has demanded.

The partial government shutdown has lasted almost three weeks, meaning 800,000 federal employees are temporarily out of work or working unpaid. Because many federal agencies are shuttered, the government can’t send out a variety of payments, government-backed mortgage loan applications aren’t being approved, companies can’t go public on stock exchanges and a number of economic reports watched by investors aren’t being released.

The S&P 500 index climbed 10.55 points, or 0.4 percent, to 2,584.96. The Dow Jones Industrial Average picked up 91.67 points, or 0.4 percent, to 23,879.12. The Nasdaq composite rose 60.08 points, or 0.9 percent, to 6,957.08. The Russell 2000 index of smaller and U.S.-focused stocks added 12.25 points, or 0.9 percent, to 1,438.81.

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