US stocks UU Increase as fears of commercial war diminish



NEW YORK – Shares rose sharply on Monday after the United States and China appeared to make a breakthrough in trade negotiations. The Chinese government says it will buy more products from the United States, including energy and agricultural products, and Treasury Secretary Steven Mnuchin says the United States postponed tariffs on up to $ 150 billion in goods from China. Industrial companies and banks obtained some of the highest profits, while technological stocks also rose.

After jumping up to 371 points, the Dow Jones industrial average finished with 298 points, or 1.2 percent, at 25,013. The S & P 500 added 20 points, or 0.7 percent, and the Nasdaq compound gained 40 points, or 0.5 percent.

The Russell 2000 index of shares of smaller companies was on track for another record close as it jumped 10 points, or 0.6 percent, to 1,636.

The United States and China concluded two days of trade negotiations with an agreement not to impose tariffs on each other, while Beijing said it will buy more agricultural products, energy and other products and services from US companies. The two sides gave no indication of how far they had progressed to end their dispute completely, and both said that hostilities could rise again.

Even so, President Donald Trump framed the weekend talks as a clear victory for the United States. in a tweet that says "Fair Trade, in addition, with China will happen!" In another tweet, he added, "China has agreed to buy mbadive quantities of ADDITIONAL agricultural / agricultural products, which would be one of the best things that would happen to our farmers in many years!"

Commercial disputes have occupied many investors' attention for the past two months, and stocks have rebounded on signs that progress was being made, only to recede when the situation seemed to worsen.

On Monday , investors applauded again, among industrialists, Boeing (BA) gained 3.6 percent to $ 363.92, and construction equipment maker Caterpillar (CAT) rose 2.1 percent to $ 158.92. Financial, JPMorgan Chase (JPM) rose 0.9 percent to $ 112.15, and Morgan Stanley (MS) added 0.8 percent to $ 54.36.

General's train engine division Electric will be combined with rail equipment manufacturer Westinghouse Air Brake Technologies in an agreement worth $ 11.1 billion as CEO of GE, John Flannery continues to break parts of the conglomerate, GE will receive $ 2.9 billion in cash and will own 50.1 percent of l a combined company. The agreement will help GE reduce its business to the aviation, health and energy industries.

Wabtec (WAB) gained 3.5% to $ 98.55, and GE increased 1.9% to $ 15.26.

Chip makers recovered after Micron technology) raised their earnings and revenue forecasts for the fiscal third quarter. Micron jumped 3.9 percent to $ 55.48, while Intel picked up (INTC) 1.5 percent to $ 54.32.

That contributed to a broad rebound in technological actions. Apple (AAPL) gained 0.7 percent to $ 187.63, and Google's parent company, Alphabet (GOOG), rose 1.2 percent, $ 1,079.58, as technology companies advanced.

© 2018 CBS Interactive Inc. All rights reserved. This material can not be published, transmitted, rewritten or redistributed. The Associated Press contributed to this report.

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