LIVE MARKETS-Wall Street nearing records; Trump says US-China deal done

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WALL STREET NEARING RECORDS; TRUMP SAYS US-CHINA DEAL DONE

U.S. stocks are modestly higher in late morning trading on Wednesday, with the Nasdaq .IXIC and S&P 500 .SPX again getting closer to their record highs, as President Donald Trump said a U.S.-China trade deal is "done" and data showed U.S. consumer prices rose less than expected in May.

Trump made the comment hours after negotiators from Washington and Beijing agreed on a framework to get a fragile trade truce back on track and remove Chinese export restrictions on rare earth minerals and other components.

Also, a report showed U.S. consumer prices increased less than economists expected in May as cheaper gasoline partially offset higher housing costs.

Inflation is still seen accelerating in the coming months amid Trump's import tariffs.

"This morning's inflation report, while softer than expected, was largely due to falling energy prices and an indication of a further slowdown in U.S. economic activity," said Oliver Pursche, senior vice president and advisor for Wealthspire Advisors in Westport, Connecticut.

Investors are still anxious to hear details of the trade deal.

"It's a done deal according to President Trump, but we haven't seen any details," Pursche said. "As with just about everything, the devil is in the details."

An index of semiconductors .SOX is up 1%, extending recent gains. The Nasdaq is now less than 2% from its December 16 record high close and the S&P 500 is less than 1.5% from its February 19 record high finish.

Here is the morning market snapshot:

(Caroline Valetkevitch)

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