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President Trump, ahead of announcing his official 2020 run this evening, also gave equities an extra boost confirming he will meet with Chinese President Xi at the G-20 meeting in Japan via a Tweet. Investors viewed the development as a positive sign for progress on trade talks.
The Dow Jones Industrials and the Nasdaq Composite rallied over 1 percent, while the S&P 500 gained just under that level. As stocks rose, bonds also rallied pushing the yield on the 10-year Treasury to a 21 month low of 2.08 percent.
|I:DJI||DOW JONES AVERAGES||27781.96||-1.63||-0.01%|
|I:COMP||NASDAQ COMPOSITE INDEX||8479.017137||-3.08||-0.04%|
Boeing, flush with orders from the Paris Air Show despite the ongoing Max Jet crisis, helped power the broader market, while Amazon and Google led big tech.
Investors also looking ahead to the Federal Reserve’s decision on rates due Wednesday, traders are betting policymakers will lay the groundwork for a rate cut in July, according to the CME’s FedWatch Tool.
Chairman Powell will hold a press conference following the decision and will likely address reports that the White House explored “demoting” him, the story was downplayed by Trump’s top economic advisor Larry Kudlow.
In corporate news, Facebook unveiled a new cryptocurrency platform that could provide the embattled social media giant with a new revenue stream of historic proportions as it contends with a possible federal antitrust probe and continued scrutiny over its data privacy practices. Investors are bullish on the move as it could tap the social media giant's 2 billion or so users.
U.S. crude prices rallied to close around the $54 per barrel level, the best day since January 9 on optimism a deal with China is progressing.
FOX Business' Ken Martin contributed to this report.