US stocks climb as investors hang hopes on stimulus progress and US-China trade talks

US stocks climb as investors hang hopes on stimulus progress and US-China trade talks

US stocks climbed on Wednesday as investors remained hopeful for a stimulus bill breakthrough.

Treasury Secretary Steven Mnuchin said Tuesday that Democrats and the Trump administration hope to reach a deal by the end of the week.

Fears of rising US-China tensions eased following reports that senior officials from both countries will meet on August 15 to discuss their "phase one" trade deal.

Still, ADP jobs data offered a bleak look at the US economic recovery. The country added 167,000 private payrolls in July, well below the 1.2 million estimate from economists surveyed by Bloomberg.

Watch major indexes update live here.

US equities rose on Wednesday as optimism around passing a second stimulus bill outweighed dismal jobs data.

Republicans and Democrats face increasing pressure to ink a deal on a second round of fiscal relief. Treasury