Rising trade hopes boost Wall Street, send chip stocks soaring© firstpost.com

Rising trade hopes boost Wall Street, send chip stocks soaring

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NEW YORK (Reuters) - U.S. stocks edged higher on Wednesday, extending a strong start to the quarter as a rally among chipmaker shares provided a boost to the broader market on growing hopes of a trade deal between Washington and Beijing.

White House economic adviser Larry Kudlow said talks between the United States and China have progressed and both sides hope to get closer to a deal this week.

Shares of chipmakers, which rely heavily on China for revenue, especially benefited. The Philadelphia Semiconductor index jumped as much as 3% to a record high. The index ended 2.3% higher.