Stocks trade higher Monday, approaching record levels, amid increasing optimism around US-China trade relations.
Stocks traded higher on Monday, approaching record levels, amid increasing optimism around U.S.-China trade relations.
Bank shares contributed to Monday’s gains, with JPMorgan Chase climbing 2.1 percent, Citigroup advancing 3.1 percent, and Bank of America gaining 2.6 percent. The gains in bank stocks come as the Treasury yield traded higher. China offered last week to increase purchases of U.S. agricultural products if the U.S. eased restrictions on telecom giant Huawei, Politico reported on Friday. China’s offer could also be contingent on the U.S. delaying higher tariffs on about $250 billion worth of Chinese imports, the report said.
Both countries have been engaged in a trade war since 2018. In that time, China and the U.S. have exchanged tariffs on billions of dollars worth of goods. The conflict has dampened expectations of global economic growth.
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