Trade hopes move S&P 500 close to new record high

Wall Street ends higher on investor optimism about a breakthrough in the U.S.-China trade war via ReutersTV

NEW YORK - The benchmark S&P 500 stock index rose within striking distance of a record high on Monday as further signs of progress toward resolution of the U.S.-China trade war boosted shares in sectors sensitive to trade and the global economy.

“People are continuing to be optimistic that some type of trade truce with China can be pushed forward,” said Chris Zaccarelli, chief investment officer of Independent Advisor Alliance in Charlotte, North Carolina. The economically sensitive energy .SPNY and financial .SPSY sectors led percentage gains on the S&P 500. Energy shares gained 1.9% while financials rose 1.4%.

“We’re watching for a breakout to the upside of that range,” she said. “Thus far, the early signs we’re seeing are favorable.”

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