(Reuters) - Wall Street’s main indexes posted record closing highs on Monday after President Donald Trump said an initial U.S.-China trade pact would be signed soon, while Boeing gave the Dow a big boost after the planemaker ousted its chief executive officer.
Boeing Co (BA.N) shares, which have a particularly big influence on the Dow Jones Industrial Average, gained 2.9% and also lifted the S&P 500 industrials sector .SPLRCI. CEO Dennis Muilenburg’s exit followed a prolonged crisis in which Boeing halted production of its best-selling 737 MAX jetliner following two fatal crashes.
Trump over the weekend said the United States and China would “very shortly” sign their so-called Phase 1 trade pact, which was announced earlier this month and has helped propel the U.S. stock market to records.
The S&P 500 notched a record closing high for a third straight session on Monday and hit an intraday all-time high for an eighth straight session. The Nasdaq closed at a record high for an eighth straight session.
“The stream of news has continued to favor the bullish bias, so there really hasn’t been a reason for people to sell, and you’ve got that fear of missing out that has kind of kicked in the last month and a half,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.
Additionally, China will lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year.
“The key for businesses is that tariffs may not escalate further from this point,” said Mona Mahajan, U.S. investment strategist with Allianz Global Investors in New York.
