The Dow Jones Industrial Average traded 96.44 points higher to 28,551.53, while the S&P 500 rose 0.1%, or 2.79 points, to 3,224.01 and the Nasdaq Composite advanced 0.2%, or 20.69 points, to 8,945.65. The three major averages all posted record closes. Shares of Boeing led the gains, jumping 2.9% after the company ousted CEO Dennis Muilenburg amid the 737 Max crisis.
Investors cheered the news that China will cut import tariffs on a wide range of goods. China’s finance ministry announced starting January 1, it will lower import tariffs on over 850 products ranging from frozen pork to some types of semiconductors. China is making efforts to boost imports amid a slowing economy and a trade war with the U.S.
“Stocks are grinding relentlessly higher into year-end on continued momentum from the positive resolution of four key events: A phase one trade deal, a dovish Fed, economic data that isn’t getting worse and Brexit resolution,” Tom Essaye, founder of Sevens Report, said in a note on Monday.
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