Wall Street Rallies Ahead Of Trump-Xi Meeting In Washington

Wall Street rallied as investors looked ahead to a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Washington later this week.

Wall Street rallied ahead of the Trump-Xi summit. [Photo: New York Stock Exchange Facebook]

The summit comes as the two countries seek to maintain a fragile trade truce while artificial intelligence, tariffs and geopolitical tensions remain important issues. Xi is scheduled to visit Washington from Sept. 23 to 25, with the meeting expected to address a range of bilateral and global issues.

The S&P 500 climbed 1.5% to post its strongest daily gain since Aug. 4, while the Nasdaq Composite jumped 2.3% to its first record close since June.

The gains were led in part by technology and artificial-intelligence-related shares. Intel, Advanced Micro Devices and Qualcomm posted strong gains, while oil prices fell more than 4%.

Treasury yields also eased during the session. The decline in energy prices helped reduce some concerns about the inflationary effects of the Middle East conflict.

The Federal Reserve raised interest rates last week for the first time in more than three years, and investors are now watching for signals about the central bank's next moves.

Persistent energy prices remain an important inflation risk as markets assess the possibility of further rate increases.