U.S. stocks on Monday headed for a third straight gain, and stocks traded at or near fresh records to start a holiday-abbreviated week, as investors focused on a report that China will cut import tariffs for frozen pork, pharmaceuticals and some high-tech components starting from Jan. 1.
Investors were also eyeing developments at Boeing Co. after the Dow component announced that president CEO Dennis Muilenburg has resigned.
The Dow Jones Industrial Average rose 100 points, or 0.4%, to 25,554, the S&P 500 gained 0.1% at 3,225, while Nasdaq Composite Index gained 0.2% to 8,492.
The S&P 500 and Nasdaq both carved out intraday records early in the trade. Muilenburg will be replaced as CEO by current Chairman David L. Calhoun, effective Jan. 13.
The report gave a lift to the Dow industrials, with Boeing, one of the index's most influential components, seeing its shares bounce higher. Markets had already been set to climb as China's cabinet agreed to lower tariffs for all trading partners on more than 859 types of products to below the rates that most-favored nations enjoy, the Finance Ministry said Monday, according to the Wall Street Journal.
Source : MarketWatch