Mumbai, Oct. 28 -- The Nasdaq surged 432.59 points (1.9%) to 23,637.46, the S&P 500 jumped 83.47 points (1.2%) to 6,875.16 and the Dow climbed 337.47 points (0.7%) to 47,544.59.

Wall Street rallied amid optimism over a potential U.S.-China trade deal ahead of President Donald Trump's meeting with Chinese President Xi Jinping. Treasury Secretary Scott Bessent said talks with Chinese officials in Malaysia created a "very successful framework" for the discussions, with expectations that China will resume U.S. soybean purchases and delay rare earth export controls.

Adding to the upbeat mood, Trump voiced confidence about a trade breakthrough after signing separate deals with Malaysia and Cambodia. Hopes for a Fed rate cut also fueled gains,...