Stocks closed broadly higher on Wall Street on Monday, extending the market’s gains from last week and sending the major indexes to record highs.
“What’s important about it is that we’re not witnessing an acceleration in the trade war,” said Quincy Krosby, chief market strategist at Prudential Financial. “Right now, what the market is looking at is the possibility that we go into 2020 and we actually see global growth beginning to emerge, even if it’s not immediate..”The S&P 500 rose 22.65 points, or 0.7%, to 3,191.45. The benchmark index is on a four-day winning streak and is up 27.3% for the year.
“With some trade uncertainty removed last week, investors should start feeling more confident that China will be able to keep their economy growing at 6% or better in 2020,” said Edward Moya, an economist with Oanda.The U.S. and China agreed last week to cut tariffs on some of each other’s goods and postpone other tariff threats, the first time the two countries have stepped back from the brink in their 17-month trade fight. In return, China promised to ramp up its purchases of U.S.
Benchmark U.S. crude rose 14 cents to $60.21 per barrel, close to its highest level in three months. Brent crude, the international standard, added 12 cents to $65.34 per barrel.Higher rates can mean bigger profits for banks making loans and more interest income for insurers, brokerages and other financial companies. Bank of America and Wells Fargo each rose 0.8%. Financial stocks in the S&P 500 overall gained 0.4%.
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