US stocks: Trade hopes lift S&P to record as tech leads

NEW YORK (REUTERS) – US stocks climbed on Monday (July 1), but finished off earlier highs, led by gains in technology stocks on optimism for progress in US-China trade talks and signs of a likely reprieve for Chinese telecom company Huawei. Despite losing some of its initial steam, the S&P 500 still managed to close at a record high after the United States and China agreed on Saturday to resume trade talks. In addition, US President Donald Trump also offered concessions including no new tariffs and an easing of restrictions on Huawei Technologies Co Ltd, while China agreed to make unspecified new purchases of US farm products. Still, stocks had given up a good portion of their earlier gains as investors contemplated whether the US Federal Reserve would be as dovish as has been anticipated recently and caution crept back in for what is likely to be a lightly traded week due to the July Fourth holiday. “There was celebration on the open and it was a case where if some of this trade uncertainty goes away, even if it is not solved, so to speak, that decreases the likelihood the Fed needs to step in, or at least step… Read full this story

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