NEW YORK (Reuters) – Wall Street stocks notched record closing highs on Monday as cooling trade tensions between Washington and Beijing and upbeat economic data from China boosted investor sentiment. The Dow surpassed its November closing high, while the S&P 500 and Nasdaq marked record closes for the third straight session. Friday’s announcement of an interim trade deal between the world’s two biggest economies has lifted prospects for the global economy, several analysts said. Although growth in China is expected to continue moderating, the trade developments brightened the country’s economic outlook. Adding to the optimism, data released early on Monday showed China’s industrial output and retail sales growth accelerated in November. The U.S.-China trade deal suspended tariffs scheduled to take effect on Dec. 15 on a variety of consumer products, including Apple Inc’s (AAPL.O) iPhone. Apple shares rose 1.7% and provided the biggest boost to the S&P 500 .SPX and Nasdaq .IXIC. Shares of chipmakers, among the most trade-sensitive stocks, also rose. The Philadelphia SE Semiconductor index .SOX gained 1.0%. “It validates the best-case scenario people were expecting,” Oliver Pursche, chief market strategist at Bruderman Asset Management in New York, said of the removal of tariffs. Accommodative monetary policy by… Read full this story
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