U.S. and China prepare to sign phase-one trade deal
The S&P 500 clinched another record Monday as geopolitical tensions remained in check and investors looked ahead to the start of earnings season.
The broad index of large U.S. companies gained 22.78 points, or 0.7%, to close at 3288.13, a new high. The technology-heavy Nasdaq Composite also ended the day at a record, climbing 95.07 points, or 1%, to 9273.93. The Dow Jones Industrial Average added 83.28 points, or 0.3%, to close at 28907.05—just 0.2% below last week’s high.
The U.S. and China have said they plan to sign a phase-one trade deal Wednesday, helping to defuse tensions that have roiled global markets for two years. The countries also have agreed to semiannual talks to resolve disputes, and the U.S. Treasury Department will drop its designation of China as a currency manipulator.
Tensions between the U.S. and Iran have eased in recent days, with the spotlight on the Islamic Republic after it admitted last week that it accidentally shot down a Ukrainian passenger flight, killing 176 people. Wide-ranging protests within Iran over the weekend have forced Tehran to focus on domestic affairs, easing concerns that it would escalate the recent conflict with the U.S.