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Markets Right Now: Stocks rise as Trump teases trade deal

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

11:50 a.m.

Stocks are higher at midday Wednesday after President Donald Trump indicated a trade deal with China could happen soon.

Technology companies, which have strong business ties to China, reversed earlier losses. Chipmaker Micron rose 2%.

Banks rose as bond yields went up after Trump told reporters that a deal with China could happen sooner than expected.

Citigroup rose 1.7%. The yield on the 10-year Treasury rose to 1.69% from 1.63% Tuesday.

Nike rose 5.6% after its first quarter profit beat analyst estimates.

Shares of Philip Morris gained 6.5% after it ended merger discussions with fellow tobacco giant Altria.

The S&P 500 gained 6 points, or 0.2%, to 2,973. The Dow Jones industrials gained 138 points, or 0.5%, to 26,946.

The Nasdaq rose 19 points, or 0.2%, to 8,012.

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9:45 a.m.

Stocks are mixed early Wednesday, as sharp gains in Nike and tobacco companies are offset by a decline in technology shares.

Nike rose 5.6% after its first quarter profit beat analyst estimates.

Shares of Altria and Philip Morris International are rising after the tobacco giants said they’ve ended discussions about a merger. Philip Morris gained 6.2%.

Technology stocks were the biggest losers early. Chipmaker Broadcom dropped 3.8%.

Markets in Asia and Europe fell as they reacted to the news of an impeachment inquiry against U.S. President Donald Trump.

The S&P 500 fell 1 point to 2,965. The Dow Jones industrials gained 24 points to 26,832.

The Nasdaq dropped 20 points, or 0.2%, to 7,973.

The Associated Press