Each of Wall Street’s three major averages kicked off the trading week with record closes on Monday as signs pointed to progress between the United States and China on a trade truce, while a round of merger deals also helped buoy sentiment.
A Chinese state-backed tabloid said Beijing and Washington were “moving closer to agreeing” to an initial pact, which lifted trade-sensitive semiconductor stocks, including Applied Materials Inc (AMAT.O), up 4.18%, and Lam Research Corp (LRCX.O), which gained 2.68%. The Philadelphia Semiconductor index .SOX jumped 2.43% and was on pace for its best day in just over three weeks.
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Update #1: US stocks jump to records as tech, small companies lead way (AP)
Update #2: S&P 500 and Nasdaq climb to record highs on hopes for trade deal, ASX to rise (ABC News Online)
WNU Editor: This should be the headline story of the day. But it is not.
