Wall Street hits record, boosted by trade and earnings optimism

NEW YORK - Apple, Alphabet and other tech favorites propelled Wall Street to record highs on Monday , fuelled by optimism about the signing of a preliminary US-China trade deal, as well upcoming fourth-quarter earnings reports.

An easing of Middle East tensions and the Phase 1 US-China trade agreement, which is expected to be signed in Washington on Wednesday, have encouraged riskier bets over the last week. Investors are awaiting earnings from big banks JPMorgan Chase & Co, Citigroup Inc and Wells Fargo & Co , which kick off the fourth-quarter reporting season from Tuesday.

The Nasdaq Composite jumped 1.04% to 9,273.93, also a record high. Aerospace companies Hexcel Corp and Woodward Inc jumped 9.6% and 4.8%, respectively, after the two Boeing suppliers said they would combine in an all-stock merger valued at $6.43 billion.

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