The Dow Jones Industrial Average closed at its highest level of the year, while the S&P 500 carved out another record, amid hopes that the U.S. can reach more trade deals and Alphabet Inc.'s earnings will come in strong.

The Dow Jones Industrial Average pulled within 100 points of its first record close since Dec. 4 after positive updates on trade pushed stocks higher ahead of key earnings reports. The Dow rose 508 points,

A trade spokesperson for the European Commission (EC), Olof Gill, noted that “the EU’s primary focus is on achieving a negotiated outcome with the US”, but noted that the EU remains ready to use its anti-coercion instruments (ACI) to fast-track retaliatory tariffs should a trade deal fall through.

The Dow Jones Industrial Average was in the process of heading for its highest closing level of the year on Wednesday as investors held out hope for more trade deals. The Dow was up about 451 points,

Dow Jones gains on strong healthcare and financials while Nasdaq drops as tech stocks retreat, signaling sector rotation in US indices today.

Dow Futures rise as US-Japan trade deal boosts markets; earnings from Alphabet, Tesla, and chipmaker woes in focus.

The moves come after Wall Street saw a winning session, with the S&P 500 posting fresh intraday and closing records.