Wall Street rises on trade hopes, chip stocks at record highs

REUTERS: New York's main stock indexes rose on Wednesday, extending a strong start to the quarter as a rally in chipmakers added to optimism over trade talks between the United States and China.

Global growth slowdown fears receded after a report which showed China's services sector rose to a 14-month high in March, following upbeat manufacturing data from China and the United States earlier in the week. The gains put the S&P 500 less than 2per cent away from a record high hit in September as a dovish Federal Reserve and trade hopes set the stage for a strong start to the quarter.

Caterpillar Inc dropped 0.8per cent on a report that Deutsche Bank downgraded the company's stock to a"hold" rating.

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