NEW YORK: Wall Street stocks jumped to records on Monday as revived hopes for US-China trade progress added to investor confidence following major corporate merger announcements.
Investors took heart from a number of significant deal announcements, including mergers in the luxury and online brokerage industries. The ebb and flow of US-China trade talks have tugged at stocks for more than a year. A note from Gorilla Trades strategist Ken Berman rated the intellectual property issue"one of the most important obstacles" in the talks.agreed to be acquired by luxury giant LVMH
Meanwhile, TD Ameritrade climbed 7.6 per cent following an announcement that it will be bought by rival Charles Schwab in an all-stock deal valued at US$26 billion. Schwab advanced 2.3 per cent.