Wall Street's main indexes rallied on Monday, with the S&P 500 hitting an all-time high, as technology stocks gained on growing optimism around U.S.-China trade talks and a likely reprieve for Chinese telecoms company Huawei.
The benchmark index hit an intraday high of 2,977.93 earlier in the session, as the truce agreed upon at the G20 summit boosted risk appetite.
Tech stocks, which are Wall Street's top performers so far in 2019, jumped 1.57%, with heavyweight Apple Inc’s 2.5% gain providing the maximum support.
Chipmakers with a sizable revenue exposure to China jumped, fueling a 3% gain in the Philadelphia Semiconductor index. Huawei suppliers Intel Corp rose 0.7%, while Micron Technology Inc surged 5.2%.
At 11:06 a.m. ET, the Dow Jones Industrial Average was up 167.07 points, or 0.63%, at 26,767.03 and the S&P 500 was up 23.70 points, or 0.81%, at 2,965.46.
The Nasdaq Composite was up 93.94 points, or 1.17%, at 8,100.18. Shares of Microsoft Corp, Alphabet Inc, and Amazon.com Inc also boosted the tech-heavy index.
Source : Reuters