Wall Street climbed Wednesday after President Donald Trump reached a trade deal with Japan and hopes rose for more agreements by August 1.

U.S. stocks are rising toward another record following a trade deal between the world’s No. 1 and No. 4 economies.

Japan's trade agreement with the U.S. could serve as the benchmark for many other deals currently being negotiated with Washington, and the global economy could just about support the 15% level agreed overnight,

Anti-establishment parties focused on wages, immigration and an unresponsive political elite struck a chord with working-age people in Japan.

Japan’s Prime Minister Shigeru Ishiba faces a critical test in Sunday’s upper house election. A loss could deepen political instability as his government struggles with rising prices, U.S. tariffs and voter dissatisfaction.

Gold prices fell on Wednesday after a U.S.-Japan trade deal eased market uncertainty, while strong industrial demand and a supply shortage drove silver to its highest level since September 2011.

The loss on Sunday left the Liberal Democrats a minority party in both houses of Parliament, while two new nationalist parties surged.