“To a certain degree, a trade deal is already priced in,” said Peter Cardillo, chief market economist at Spartan Capital Securities. However, “a trade deal is a win for the United States and the global economy.”
“That will lift a major cloud that’s over the global economy,” he said.
This comes after a rocky previous session for Wall Street. The Dow fell for the first time in four sessions Tuesday, pulling back from a solid rally at the start of the week.
Gains were capped, however, by weaker-than-expected employment data. Private payrolls increased by 129.000 in March, according to ADP and Moody’s Analytics. That is well below a Refinitiv estimate of 173,000.
The report from ADP and Moody’s is typically seen as a preview for the U.S. government’s monthly jobs report, which is scheduled for release Friday morning.
A bearish call on Caterpillar shares also kept the market in check. Caterpillar shares fell 1 percent after Deutsche Bank downgraded the industrial giant to hold from buy and slashed its 12-month price target. The bank cited a “collapse” in synchronized global growth.
—CNBC’s Ryan Browne contributed to this report.
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