(CNBC) – The S&P 500 rose on Thursday, powered by bank shares, as investors await trade clues from an upcoming meeting between President Donald Trump and Chinese President Xi Jinping.
The broad index climbed 0.4 percent to 2,924.92, snapping a four-day losing streak, as the financials sector gained nearly 1 percent. The Nasdaq Composite advanced 0.7 percent to 7,967.76. The Dow Jones Industrial Average lagged, slipping 10.24 points to 26,526.58 as Boeing shares weighed down the 30-stock index.
Citigroup shares led the big banks higher, climbing 1.4 percent. Morgan Stanley, Goldman Sachs and Wells Fargo all closed more than 1 percent higher. J.P. Morgan Chase rose 0.3 percent. Bank stocks rose ahead of the Federal Reserve's stress-test results release, which is scheduled for later on Thursday.
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Trump and Xi are scheduled to meet at the G-20 summit in Osaka, Japan on Saturday. The two leaders are expected to discuss trade, with investors looking for clues on whether China and the U.S. can make progress towards ending their ongoing trade war.