U.S. stocks closed near session highs Wednesday amid light trading as investors awaited new developments in the increasingly unpredictable Sino-American trade war. Ten-year Treasury yields held steady after hitting a three-year low, while the US Dollar edged higher. The S&P 500 Index climbed for the second day in three as a rally in Texas crude pushed energy shares higher. With the exception of utilities, sectors across the benchmark registered increases, although trading volume was about 15% lower than average. President Donald Trump’s recent pronouncements on trade have left investors jumpy as they await his next moves and as optimism for a resolution becomes more difficult to sustain. With the latest round of tariffs from both sides due to be staggered from Sept. 1, China appears to be bracing for the worst and the U.S. leader’s credibility is becoming a key impediment to a deal. In addition, traders have to contend with Trump’s attacks on the Federal Reserve, which have clouded the outlook for monetary policy. In other news, British Prime Minister Boris Johnson’s move to suspend Parliament and come good on his promise to avoid any more delays to Brexit has set the clock running for his opponents to thwart him. The question is whether they can do it in time. In another dramatic turn of events in the U.K.’s three-year quest to leave the European Union, Johnson was granted permission by the Queen to “prorogue” the House of Commons, shutting down the debating chamber on Sept. 12 ostensibly so he can come back with a new legislative programme a month later.
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