Investing.com – Stocks were modestly higher Monday afternoon, and the major indexes hit new intraday highs on the hope of some sort of U.S.-China trade deal.
The S&P 500, Dow Jones industrials, the NASDAQ Composite and Nasdaq 100 indexes hit new intraday highs. The S&P 500 was up nearly 0.1% or 3 points at 2:50 p.m. ET (19:50 GMT). The Dow had added 0.1% or 28 points. The NASDAQ Composite and Nasdaq 100 indexes were up 0.2% and 0.3%. The gains came after a strong rally Friday that pushed stocks to record highs.
The U.S.-China negotiations appeared to be stalled, despite Trump Administration assurances last week that negotiations were progressing. But reports from Bloomberg News and CNBC painted more complicated pictures of the status of the talks, with intense disputes inside the Trump Administration and Chinese pessimism a deal can be done. Still, Wall Street is assuming a deal, even a modest one, will get done.
The Administration did agree to a new 90-day extension that lets U.S. companies continue doing business with China's Huawei Technologies Co. as U.S. regulators continue crafting rules on telecommunications firms that pose national security risks. Semiconductor stocks moved higher.
Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Google parent Alphabet (NASDAQ:GOOGL), Applied Materials (NASDAQ:AMAT), Lululemon Athletica Inc. (NASDAQ:LULU) and O’Reilly Automotive (NASDAQ:ORLY) were among stocks hitting new highs Monday.