Indexes hit closing records amid further trade deal optimism
By Caroline Valetkevitch NEW YORK (Reuters) - All three major U.S. stock indexes posted record closing highs on Monday, extending a recent run of gains on further hopes of a U.S.-China trade deal
By Caroline Valetkevitch
NEW YORK (Reuters) - All three major U.S. stock indexes posted record closing highs on Monday, extending a recent run of gains on further hopes of a U.S.-China trade deal.
It was the second consecutive session of closing records for the S&P 500 and Nasdaq, and the first closing record for the Dow since July.
After U.S. officials indicated on Friday that a trade deal with China could be signed this month, Commerce Secretary Wilbur Ross said on Sunday that licenses for U.S. companies to sell components to Huawei Technologies Co Ltd [HWT.UL] would come "very shortly."
In May, Huawei, the world's largest telecoms equipment provider, was put under a U.S. blacklist citing national security concerns.
Sectors considered among the most sensitive to the trade war climbed. The S&P 500 technology index <.SPLRCT> rose 0.6%, the Philadelphia Semiconductor index <.SOX> hit a record high and the S&P industrials index <.SPLRCI> climbed 1.2%.
Optimism about progress with China after Friday's market highs is "making it easier for investors to continue buying and climbing a wall of worry," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
Energy shares jumped along with gains in oil prices, with the S&P 500 energy index <.SPNY> rising 3.2%, while the S&P 500 financial index <.SPSY> climbed 0.9%, helped by shares of Berkshire Hathaway Inc
The Dow Jones Industrial Average <.DJI> rose 114.75 points, or 0.42%, to 27,462.11, the S&P 500 <.SPX> gained 11.36 points, or 0.37%, to 3,078.27 and the Nasdaq Composite <.IXIC> added 46.80 points, or 0.56%, to 8,433.20.
Last week's interest rate cut by the Federal Reserve, hopes of a trade deal and a better-than-feared October jobs growth report have been the main catalysts of the recent rally.
Limiting the day's gains was a roughly 2.7% drop in shares of McDonald's Corp
The third-quarter earnings season has been fairly upbeat, with the majority of S&P 500 companies beating profit expectations so far, according to IBES data from Refinitiv.
Under Armour Inc
Advancing issues outnumbered declining ones on the NYSE by a 1.69-to-1 ratio; on Nasdaq, a 1.62-to-1 ratio favored advancers.
The S&P 500 posted 68 new 52-week highs and no new lows; the Nasdaq Composite recorded 143 new highs and 38 new lows.
Volume on U.S. exchanges was 7.53 billion shares, compared to the 6.55 billion average for the full session over the last 20 trading days.
(Additional reporting by Arjun Panchadar and Shreyashi Sanyal in Bengaluru; Editing by Chizu Nomiyama and Bill Berkrot)
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