(WBBM NEWSRADIO) -- Stocks closed higher Wednesday, though pulling back from session highs, after President Trump signed the much-anticipated first phase of a trade pact with China.
The S&P 500 added 6; the NASDAQ gained 7 and the Dow Jones industrial average closed up 90 points, settling to 29,030.
"The market has been moving up on a number of reasons," said Jim Welsh, Marco Strategist and Portfolio Manager at Smart Portfolios. "Part of it was the signing of the trade deal with China, and I think you did see some people deciding to sell based on that news."
He also noted that investors seem to be overly bullish right now. He said that can often indicate that the market is nearing a high and could be poised for a pullback.