NEWS： Hopes of an agreement between China and the US push US stocks higher
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The S & P 500 climbed close to a record high on Monday as further signs of progress in China US efforts to resolve the trade war boosted sectors sensitive to trade and the global economy.
U.S. President trump continued to talk optimistically Monday about the possibility of a trade agreement with China to end the trade war between the two sides. White House National Economic Committee Director Robert Kudrow said that if the economic and trade negotiations between the two sides go smoothly, the U.S. side may cancel its plan to impose tariffs on Chinese goods in December.
"There is still optimism that there will be some form of trade truce with China," said Chris zaccarelli, chief investment officer of the independent advisor alliance.
Trade sensitive technology stocks rose 1.1%, contributing the most to the S & P 500. The growth of semiconductor enterprises whose income mainly comes from China is particularly significant. The Philadelphia Semiconductor Index rose 1.9%.
Among the major sectors of the S & P 500 index, energy and financial stocks, which are sensitive to global economic performance, led the percentage increase, with energy stocks up 1.9% and financial stocks up 1.4%.
Mona Mahajan, U.S. investment strategist at Allianz global investment in New York, said the gains also benefited from the steeper U.S. Treasury yield curve and better than expected corporate performance reports so far. Today, the S & P 500 index rose above 3000 at one point, less than 0.7% from its record close.
"We're waiting to see if the top of the range can be broken," Mahajan added. "The first signs we've seen so far are good."
The decline of Boeing (BA. N) limited the Dow's gains. Boeing plummeted 3.8% after several brokerages downgraded its rating after earlier reports raised questions about when the 737 Max could resume operations.
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