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Wall Street advances on US-China trade optimism

Wall Street advances on US-China trade optimism

New York: US stocks ended higher as market sentiment was lifted by the latest progress on US-China trade talks.

The Dow Jones Industrial Average climbed 60.14 points, or 0.23 percent, to 26,091.95 on Monday. The S&P 500 was up 3.44 points, or 0.12 percent, to 2,796.11. The Nasdaq Composite Index rose 26.92 points, or 0.36 percent, to 7,554.46, Xinhua news agency reported.

Shares of US equipment maker Caterpillar, a company with high overseas revenue exposure, gained 1.97 percent at the close, among the best performers in the Dow. Boeing, another trade-sensitive stock, rose 0.67 percent.

Seven of the 11 primary S&P 500 sectors closed higher, as gains in groups like materials and technology roughly offset the losses in utilities and real estate.

Shares of General Electric rallied 6.39 percent. Reports on Monday revealed that Danaher plans to buy General Electric’s biopharmaceutical business for about USD 21 billion.

Wall Street has been keeping a close eye on the news about US-China trade talks these days.

“I think the one great thing about the negotiations that have taken place between China and the US is they’ve been consistent,” Mark Otto, an experienced New York Stock Exchange trader, told Xinhua.

“So all the time traders have information flowing to them saying that things are going positively between China and the United State, everyone wants to see a deal come out of this,” he added, when commenting on the recent market performances.

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