U.S. stocks closed higher Monday, with the S&P 500 and Nasdaq ending the day at fresh record highs, as U.S. and Chinese officials prepare to sign a phase-one trade deal in Washington later this week.

The Dow Jones Industrial Average advanced about 82 points, or 0.3%, to close at 28,906 and the S&P 500 rose 23 points, or 0.7% to end the session at about 3,288. The Nasdaq Composite index gained 95 points, or 1% to close at about 9,274, as both it and the S&P 500 set new intraday and closing highs.

Reports that the Trump Administration will soon retract its designation of China as a "currency manipulator" fueled the bullish sentiment on Wall Street, as the move is seen as evidence of growing good will between the world's two largest economies.

In company news, shares of electric car maker Tesla Inc. surged 9.8% after Oppenheimer analyst Colin Rusch boosted his stock-price target by nearly 60%, adding to the stock's 25.5% year-to-date rise.

Source : MarketWatch