Markets Right Now: Stocks closing higher on trade deal hopes

US stocks rise following report that US, China are close to a trade agreement

NEW YORK -- The latest on developments in financial markets (all times local):

4:00 p.m.

Health care and technology companies accounted for much of the market's gains. Retailers also rose.

Gap soared after the retailer said it would split off its Old Navy brand into a separate company. Foot Locker rose on strong earnings and a forecast of surging profits in 2019.

The S&P 500 index rose 19 points, or 0.7 percent, to 2,803.

The Dow Jones Industrial Average rose 110 points, or 0.4 percent, to 26,026. The Nasdaq rose 62 points, or 0.8 percent, to 7,595.

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12:00 p.m.

Stocks are slightly higher at midday as investors digest a report saying the U.S. and China could hammer out a trade deal within the next month.

Banks and retailers were among the biggest gainers.

Gap soared after the retailer said it would split off its Old Navy brand into a separate company. Foot Locker rose on strong earnings and a forecast of surging profits in 2019.

E-commerce company eBay rose after saying it might spin off or sell StubHub.

The S&P 500 index rose 5 points, or 0.2 percent, to 2,789.

The Dow Jones Industrial Average rose 27 points, or 0.1 percent, to 25941. The Nasdaq rose 16 points, or 0.2 percent, to 7,549.

9:40 a.m.

Stocks are surging in early trading as investors digest a report saying the U.S. and China could hammer out a trade deal within the next month.

Technology companies and banks led the early rally.

Gap soared after the retailer said it would split off its Old Navy brand into a separate company. Foot Locker rose on strong earnings and a forecast for a profit surge in 2019.

E-commerce company eBay rose after saying it might spin off or sell StubHub.

The S&P 500 index rose 20 points, or 0.7 percent, to 2,805.

The Dow Jones Industrial Average rose 203 points, or 0.8 percent, to 26,115. The Nasdaq rose 48 points, or 0.6 percent, to 7,580.