Wall St holds on to gains ahead of G20 summit

US Stocks Mostly Higher Ahead of G20 Summit

US: Wall Street edges higher at open on tech boost

The market initially perked up after US Treasury Secretary Steven Mnuchin was quoted by CNBC interview as saying the trade deal between the United States and China is "about 90%" complete.

NEW YORK, June 28 (Reuters) - Wall Street advanced on Friday, with the S&P 500 and the Dow on track for their best June in generations, ahead of the much-anticipated trade talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping at the G20 summit now underway in Japan. Trump later said that while it was "absolutely possible" to avoid imposing additional tariffs on imported Chinese goods, he was "very happy where we are now". "Given the tone of today's markets, people believe there will be some diminishment of trade tensions coming out of the meeting".

No pair of geopolitical rivals in history have had more connection to each other's economies.

The Dow Jones Industrial Average.DJI fell 11.05 points, or 0.04%, to 26,525.77, the S&P 500.SPX gained 11.02 points, or 0.38%, to 2,924.8 and the Nasdaq Composite.IXIC added 57.79 points, or 0.73%, to 7,967.76.

Lifting Wall Street were gains in financials.SPSY, up 1.39%, the most among the 11 major S&P sectors, closely followed by a 0.9% rise in trade-sensitive industrials.SPLRCI.

Chipmakers, whose revenue exposure to China makes them vulnerable to tariffs, were up.

"The trade truce is what the market needs right now", said Art Hogan, chief market strategist at National Securities in NY. VIX, commonly known as the "fear index", declined 1.6% to 15.95 on a scale of 1-100 where 20-25 represents the historic average.

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Constellation Brands Inc reported better-than-expected quarterly results and raised its full-year guidance due to healthy beer demand, sending its shares up 5.5%.

Ford shares ticked up 0.91% in pre-market trading after announcing it would be cutting 12,000 jobs.

Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favoured decliners.

The S&P 500 posted 6 new 52-week highs and 1 new low; the Nasdaq Composite recorded 36 new highs and 62 new lows.

Volume on US exchanges was 10.26 billion shares, compared with the 7.11 billion-share average for the full session over the last 20 trading days.

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