Traders work at the New York Stock Exchange in New York, the United States, on Jan. 8, 2020. Photo:Xinhua

US stocks traded on an upbeat note on Wednesday as Wall Street is keeping a close eye on the long-awaited phase-one trade deal with China.

At midday, the Dow Jones Industrial Average jumped 143.96 points, or 0.50 percent, to 29,083.63. The S&P 500 was up 15.22 points, or 0.46 percent, to 3,298.37. The Nasdaq Composite Index increased 37.32 points, or 0.40 percent, to 9,288.65.

Eight of the 11 primary S&P 500 sectors traded higher around midday, with utilities up more than 1 percent, outpacing the rest. Financials struggled on the back of quarterly earnings reports from big US banks.

Goldman Sachs and Bank of America both posted mixed results. Shares of Goldman Sachs rose about 1 percent, reversing earlier losses. Bank of America stock decreased 2 percent in midday trading.

Of the S&P 500 companies that have reported quarterly results, 82 percent have posted better-than-expected profits, according to FactSet data. S&P 500 earnings are expected to have declined by 2 percent in the fourth quarter, the financial data provider projected.