NEW YORK (AP) — The latest on developments in financial markets (all times local):

12:10 p.m.

Stocks are rising at midday Wednesday on optimism for a U.S.-China trade deal and a rally in semiconductor companies.

U.S. Treasury Secretary Steven Mnuchin told CNBC that the U.S. and China were close to a trade deal during recent negotiations. Investors are hoping a weekend meeting between U.S. President Donald Trump and Chinese President Xi Jinping can push the two sides closer to a resolution.

Chip stocks jumped after Micron Technology forecast improved demand for smartphone chips the rest of the year. Micron rose 13.3%.

General Mills fell 4.4% after it reported weak sales trends in North America.

The S&P 500 rose 6 points or 0.2% to 2,923. The Dow Jones Industrial Average gained 71 points, or 0.3%, to 26,620. The Nasdaq composite added 53 points, or 0.7%, to 7,937.

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9:35 a.m.

Stocks are rising early Wednesday on optimism for a U.S.-China trade deal and a rally in semiconductor companies.

U.S. Treasury Secretary Steven Mnuchin told CNBC that a trade deal between the U.S. and China was "about 90%" done during recent negotiations. President Donald Trump meets Chinese President Xi Jinping at the G-20 summit this weekend and investors are hoping for some resolution to the trade dispute.

Chip stocks jumped after Micron Technology forecast improved demand for smartphone chips the rest of the year. Micron rose 13%.

The S&P 500 rose 9 points or 0.3% to 2,927. The Dow Jones Industrial Average gained 71 points, or 0.3%, to 26,620. The Nasdaq composite added 62 points, or 0.8%, to 7,947.

Bond prices fell. The yield on the 10-year Treasury rose to 2.02%.