Canada’s main stock index hit a 2019 high on renewed hopes of a trade deal between the world’s two largest economies.

The S&P/TSX composite index closed up 15.99 points to 16,279.86 after hitting a year-to-date high of 16,337.96.

In New York, the Dow Jones industrial average was up 39.00 points at 26,218.13. The S&P 500 index was up 6.16 points at 2,873.40, while the Nasdaq composite was up 46.86 points at 7,895.55.

The Canadian dollar traded at an average of US75.05¢ compared with an average of US74.94¢ on Tuesday.

The May crude contract was down 12¢ at US$62.39 per barrel and the May natural gas contract was down 0.7¢ at US$2.68 per mmBTU.

The June gold contract was down 10¢ at US$1,295.30 an ounce and the May copper contract was up 4.3¢ at US$2.95 a pound.