Wall Street climbs as U.S.-China phase-one trade deal in focus

U.S. stocks traded on an upbeat note on Wednesday as Wall Street is keeping a close eye on the long-awaited phase-one trade deal with China.

At midday, the Dow Jones Industrial Average jumped 143.96 points, or 0.50 percent, to 29,083.63. The SP 500 was up 15.22 points, or 0.46 percent, to 3,298.37. The Nasdaq Composite Index increased 37.32 points, or 0.40 percent, to 9,288.65.

Eight of the 11 primary SP 500 sectors traded higher around midday, with utilities up more than 1 percent, outpacing the rest. Financials struggled on the back of quarterly earnings reports from big U.S. banks.

Goldman Sachs and Bank of America both posted mixed results. Shares of Goldman Sachs rose about 1 percent, reversing earlier losses. Bank of America stock decreased 2 percent in midday trading.

Of the SP 500 companies that have reported quarterly results, 82 percent have posted better-than-expected profits, according to FactSet data. SP 500 earnings are expected to have declined by 2 percent in the fourth quarter, the financial data provider projected.