Stocks rise on hope for progress on trade

Stocks closed higher Thursday as investors grow cautiously optimistic the U.S. and China can make progress in upcoming trade talks. (File)
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NEW YORK (AP) Stocks closed higher Thursday as investors grow cautiously optimistic the U.S. and China can make progress in upcoming trade talks.

The S&P 500 gained 8 points, or 0.3%, to 3,009, led by technology and consumer-focused companies, although the rally lost some steam in the final minutes of trading.

Microsoft rose 1% and PayPal added 3%. Shares of Amazon gained 1.1% while Hasbro rose 1.8%.

Energy was the worst-performing sector as the price of oil fell 1% to $55.09 a barrel. Marathon Oil dropped 3.4%.

The Dow Jones industrials rose 45 points, or 0.2%, to 27,182 after being up about 170 points earlier.

The Nasdaq gained 24 points, or 0.3%, to 8,194.

Bonds fell.

The yield on the 10-year Treasury rose to 1.78% from 1.73% a day earlier.