Wall Street Stocks Rise High Boosted by Trade Optimism

Wall Street Stocks Rise High Boosted by Trade Optimism

Apple, Alphabet, and different tech preferences propelled Wall Street to file highs on Monday, stoked by optimism about the inking of a preliminary U.S.-China trade agreement as well as upcoming fourth-quarter earnings reports.

Apple, Facebook, Netflix, Microsoft, and Amazon.com, which have powered the longest bull run in U.S. equities, have been among the prime contributors to report excessive closes for the S&P 500 and Nasdaq.

Apple surged 2.14% to shut at a record high. Additionally, reaching a record high, Google-owner Alphabet added 0.8%, bringing its market capitalization to $993 billion.

An easing of Middle East strains and the Phase 1 U.S.-China trade settlement, which is predicted to be inked in Washington Wednesday, have encouraged riskier bets over the last week.

The Trump administration planned to lift its designation of China as a currency manipulator, adding to the positive attitude.

Investors are awaiting earnings from giant banks JPMorgan Chase, Citigroup, and Wells Fargo & Co, which start the fourth-quarter reporting season from Tuesday.

Analysts anticipate profits at S&P 500 corporations to fall 0.6% for a second consecutive quarter, according to Refinitiv IBES data.

Many traders, however, are already waiting for a potentially rosier earnings outlook once Washington and China settle their trade conflict.

The Dow Jones Industrial Average surged 0.29% to close at 28,907.05, while the S&P 500 gained 0.70% to 3,288.13, its highest close ever.

Aerospace companies Hexcel and Woodward leaped 9.6% and 4.8%, respectively, after the two Boeing suppliers stated they’d combine in an all-inventory merger worth $6.43 billion.