Markets Right Now: S&P 500 hits record on trade optimism

Business

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4:00 p.m.

The S&P 500 is closing at a record Monday as investors welcome a truce in the trade dispute between the U.S. and China.

The two sides agreed to resume talks and the U.S. said it would hold off on imposing new tariffs on $300 billion of Chinese goods.

Technology and financial services companies led the gains. Apple rose 1.8% while E-Trade gained 2.4%.

Utilities lagged the market in a sign that Wall Street had a bigger appetite for risk.

The S&P 500 rose 22 points, or 0.8%, to 2,964, topping the record set two weeks ago by 10 points.

The Dow Jones industrials rose 117 points, or 0.4%, to 26,717. The Nasdaq added 84 points, or 1.1%, to 8,091.

The Russell 2000 index of smaller companies rose 0.2% to 1,569.

___

11:55 a.m.

Stocks are higher at midday Monday after the U.S. and China agreed to resume trade talks.

The U.S. agreed to hold off on imposing new tariffs on $300 billion in Chinese goods, although existing tariffs on $250 billion of imports remain in place.

Technology and consumer-focused companies led the gains. Apple rose 2.2% while Nike gained 2%.

Investors also sold safe-haven investments such as gold, which fell 1.5%.

The S&P 500 rose 22 points, or 0.8%, to 2,964. That puts the index on track for a record high.

The Dow Jones industrials rose 134 points, or 0.5%, to 26,734. The Nasdaq added 93 points, or 1.2%, to 8,099.

The Russell 2000 index of smaller companies rose 0.2% to 1,570.

___

9:35 a.m.

Stocks are rallying early Monday after the U.S. and China agreed to resume trade talks.

The U.S. agreed to hold off on imposing new tariffs on $300 billion in Chinese goods, although existing tariffs on $250 billion of imports remain in place.

Technology and consumer-focused companies led the gains. Investors also sold safe-haven investments such as gold, which fell 1.2%, and bonds. The yield on the 10-year Treasury rose to 2.01%.

The S&P 500 rose 34 points, or 1.2%, to 2,975. That puts the index on track for a record high.

The Dow Jones industrials rose 254 points, or 1%, to 26,854. The Nasdaq added 135 points, or 1.7%, to 8,142.

Oil rose 2.4% to $59.88 a barrel. OPEC and Russia are expected to extend an agreement on production cuts.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don't Miss

More Don't Miss