U.S. stocks shrugged off modest loses on Monday, resuming their climb to fresh records.
The Dow Jones Industrial Average closed above 28,000 for the second straight session after hitting that level for the first time on Friday. The move from 27,000 was the 10th shortest 1,000-point gain in history, taking 90 days. The S&P 500 and Nasdaq are also notched new highs.
|I:DJI||DOW JONES AVERAGES||35294.76||+382.20||+1.09%|
|I:COMP||NASDAQ COMPOSITE INDEX||14897.33971||+73.91||+0.50%|
The markets continue to take direction from the ongoing U.S.-China trade talks. In what is viewed as a positive development, Huawei, the world's largest telecommunications company, received a 90-day extension for its Temporary General Licenses, Commerce Department sources told FOX Business exclusively.
This development came amid more positive reports on the status of trade talks. "The two sides have engaged in constructive discussions around the respective core concerns of the first phase of the agreement and will continue to maintain close communication" the Chinese Commerce Ministry said early Monday.
Traders hope the world’s two biggest economies can make a deal before new and more damaging tariffs take effect next month. Beijing is pressing Washington to roll back tariffs as part of a potential deal that the nations are trying to hammer out.
Stocks in focus on Monday included PG&E, which reversed course after disclosing more planned customer shutdowns later this week. Additionally, the San Francisco-based utility lost some key backers of its bankruptcy plan. Sherwin Williams tumbled after Goldman Sachs cut the paint maker to neutral, and Ford popped after rolling out its all-electric Mustang Mach-E.
|SHW||THE SHERWIN-WILLIAMS CO.||296.39||+4.17||+1.43%|
|F||FORD MOTOR CO.||15.70||+0.25||+1.62%|
|TMUS||T-MOBILE US, INC.||117.56||-1.70||-1.43%|
In corporate news, T Mobile CEO John Legere plans to step down and will be succeeded by president and Chief Operating Officer Mike Sievert on May 1, 2020, the company announced. The move, as first reported by FOX Business, was expected.
And Gap, which reports earnings later this week, fell after Wells Fargo said the planned spinoff of Old Navy may get scrapped.
Embattled WeWork is getting ready to lower the boom on employees, according to the New York Times which reports layoffs could impact as many as 4,000 workers.
In Europe, London's FTSE added 0.1 percent, Germany's DAX slipped almost 0.2 percent and France’s CAC was off 0.2 percent.
In Asia, Japan’s benchmark Nikkei edged up 0.5 percent, Hong Kong’s Hang Seng added 1.4 percent, while the Shanghai Composite was up 0.6 percent.
The Associated Press and Keb Martin contributed to this article.