• Stocks closed higher on Wednesday as investors digested news related to the ongoing trade war between the United States and China.

The Dow Jones Industrial Average rose 157.03 points to 24,527.27, led by gains in Caterpillar. The S&P 500 climbed 0.6 percent to close at 2,651.07 as the consumer discretionary sector outperformed. The Nasdaq Composite jumped 1 percent to 7,098.31 as Facebook, Amazon, Netflix and Google-parent Alphabet rose.

The major averages came off their highs in afternoon trading. The Dow had risen as much as 458.05 points, while the S&P 500 gained 1.85 percent at its session high. The Nasdaq rose as much as 2.35 percent.

Shares of Caterpillar and Boeing both rose more than 1 percent. These stocks are considered global trade bellwethers because of their exposure to markets abroad.

• The Wall Street Journal reported China is working to increase access to foreign companies, a move aimed at smoothing U.S.-China trade relations. This plan, the report says, would replace the country's Made in China 2025 plan, a framework aimed at making China a leader in industries like clean-energy cars and robotics.

• President Donald Trump told Reuters on Tuesday he would he would intervene in the Justice Department's case against a top executive at Chinese telecoms giant Huawei if it would help serve national security interests or help U.S.-Sino trade talks. Huawei is the one of the largest tech companies in China. It is also seen as a symbol of pride by the Chinese government.

Trump also said Tuesday talks between Washington and Beijing were ongoing and confirmed he would not raise tariffs on Chinese imports until he was sure about a comprehensive trade agreement.

• European stocks closed higher on Wednesday, after President Donald Trump said he was upbeat about the chances of securing a trade deal with China. Meanwhile, sterling climbed away from 20-month lows on news that British Prime Minister Theresa May will face a vote of no-confidence from members of her own Conservative party later in the day.

• The pan-European Stoxx 600 closed provisionally up by 1.69 percent, with all sectors and major bourses in positive territory.

• Asian shares started Thursday largely in positive territory, building on the momentum seen on Wall Street overnight.

In Japan, the Nikkei 225 gained 0.63 percent in early trade, and the Topix index was 0.43 percent higher. Over in South Korea, the Kospi was 0.29 percent higher.

Reference: CNBC