Markets Right Now: S&P 500 hits record on trade optimism

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NEW YORK (AP) — The latest on developments in financial markets (all times local):

4:00 p.m.

The S&P 500 is closing at a record Monday as investors welcome a truce in the trade dispute between the U.S. and China.

The two sides agreed to resume talks and the U.S. said it would hold off on imposing new tariffs on $300 billion of Chinese goods.

Technology and financial services companies led the gains. Apple rose 1.8% while E-Trade gained 2.4%.

Utilities lagged the market in a sign that Wall Street had a bigger appetite for risk.

The S&P 500 rose 22 points, or 0.8%, to 2,964, topping the record set two weeks ago by 10 points.

The Dow Jones industrials rose 117 points, or 0.4%, to 26,717. The Nasdaq added 84 points, or 1.1%, to 8,091.

The Russell 2000 index of smaller companies rose 0.2% to 1,569.

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11:55 a.m.

Stocks are higher at midday Monday after the U.S. and China agreed to resume trade talks.

The U.S. agreed to hold off on imposing new tariffs on $300 billion in Chinese goods, although existing tariffs on $250 billion of imports remain in place.

Technology and consumer-focused companies led the gains. Apple rose 2.2% while Nike gained 2%.

Investors also sold safe-haven investments such as gold, which fell 1.5%.

The S&P 500 rose 22 points, or 0.8%, to 2,964. That puts the index on track for a record high.

The Dow Jones industrials rose 134 points, or 0.5%, to 26,734. The Nasdaq added 93 points, or 1.2%, to 8,099.

The Russell 2000 index of smaller companies rose 0.2% to 1,570.

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9:35 a.m.

Stocks are rallying early Monday after the U.S. and China agreed to resume trade talks.

The U.S. agreed to hold off on imposing new tariffs on $300 billion in Chinese goods, although existing tariffs on $250 billion of imports remain in place.

Technology and consumer-focused companies led the gains. Investors also sold safe-haven investments such as gold, which fell 1.2%, and bonds. The yield on the 10-year Treasury rose to 2.01%.

The S&P 500 rose 34 points, or 1.2%, to 2,975. That puts the index on track for a record high.

The Dow Jones industrials rose 254 points, or 1%, to 26,854. The Nasdaq added 135 points, or 1.7%, to 8,142.

Oil rose 2.4% to $59.88 a barrel. OPEC and Russia are expected to extend an agreement on production cuts.

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