U.S. stocks edged higher to fresh records Monday as investors looked for signs of progress in U.S.-China trade negotiations. The dollar weakened, and Treasury yields dipped.
The S&P 500, Dow Jones Industrial Average and Nasdaq composite all fluctuated throughout the day, but ended up eking out a gain above the all-time highs set Friday.
The S&P 500 rose 1.57 points, or 0.1%, to 3,122.03. The Dow gained 31.33, or 0.1%, to 28,036.22, and the Nasdaq climbed 9.11, or 0.1%, to 8,549.94.
Defensive shares such as consumer staples and utilities performed best. Word that the White House would extend a license to allow U.S. companies to do business with Chinese telecom firm Huawei competed with reports saying Beijing was skeptical about reaching a broad deal anytime soon.
U.S. equities are showing their sensitivity to any developments on trade after months of closely followed negotiations. Monday’s records extended gains from last week, when White House economic adviser Larry Kudlow had said that U.S.-China talks were nearing the final stages.
Meanwhile, the dollar extended a slide after Federal Reserve Chairman Jerome Powell met with President Donald Trump to discuss the economy.
This report includes material from the Associated Press.