Wall St opens at record high on US-China trade deal hopes

Wall St opens at record high on US-China trade deal hopes

Over the weekend, U.S. Commerce Secretary Wilbur Ross said that American companies would soon be granted licenses to sell to Chinese tech titan Huawei, lifting a ban that has been a contentious point in trade negotiations. S&P 500 and Nasdaq 100 futures also pointed to solid gains at the open.

A 5 percent jump for General Electric and a 2.5 percent rise for 3M, meanwhile, helped drive industrial stocks in the S&P 500 to a 1 percent rise.

The Dow Jones Industrial Average rose 109 points, or 0.4%, to 27456, heading toward its first closing record since July.

Mr. Stritch said that a few months ago the firm was weighing whether it should be taking a more defensive approach in its investments.

"All-Time High for Stock Market and all the Fake News wants to talk about is the Impeachment Hoax!"he said in a tweet". -China trade deal and an improving domestic economy boosted risk appetite.

Energy stocks led the broad gains as oil prices rose 1.5%.

The upswing is a welcome shift for investors after a rocky October, when ongoing trade uncertainty collided with a raft of recession warnings that cast doubt on the life span of the economic expansion, which is now the longest in US history.

Sectors considered among the most sensitive to the trade war climbed.

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Uber Technologies and Shake Shack are among the companies set to report after the close Monday. -China deal is imminent. -China trade deal, said Sam Stovall, chief investment strategist at CFRA.

But in the past few months, Mr. Hogan said it seems as if the US and China have been determined to at least move toward a de-escalation in tensions. Japan's market was closed for a holiday.

Shorter-term bond yields, which for months had been trading above longer-term ones in a phenomenon known as an inverted yield curve, have returned below longer-term yields in recent weeks.

Signs that central banks will extend their shift to more accommodative policy also have helped buoy markets throughout the year.

Last week's interest rate cut by the Federal Reserve, growing expectations of a trade deal and a better-than-feared October jobs growth report have been the main catalysts of the recent rally.

While the broader market rallied Monday, some stocks lagged behind.

Under Armour Inc fell 11.6% as it lowered its full-year revenue forecast for a second straight time, a day after it confirmed a federal investigation on its accounting practices.

The biggest drag on the blue-chip Dow Jones index was a 3% drop in shares of McDonald's Corp after the fast-food giant dismissed Chief Executive Steve Easterbrook over a consensual relationship with an employee.

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