Wall Street Gains but Dow's 400-point Rally is Nearly Erased after FBI Report
Wall Street's major indexes advanced on Monday as a softer stance by U.S. policymakers on China tariffs powered a rebound from last week's selloff, but stocks pared gains late in the session after a report that the Federal Bureau of Investigation raided the office of President Donald Trump's lawyer.
The Dow Jones industrial average rose 46.34 points to 23,979.10, with Merck and Intel as the best-performing stocks in the index. The S&P 500 climbed 0.3 percent to 2,613.16, with tech adding 0.8 percent. The Nasdaq composite advanced 0.5 percent to 6,950.34.
Amazon shares had risen as much as 2.3 percent before closing just 0.1 percent higher. Boeing gained as much as 2.7 percent before ending the session down 1.1 percent.
At its session high, the Dow rose as much as 440.42 points. The S&P 500 and Nasdaq gained as much as 1.9 percent and 2.3 percent, respectively.
Stocks climbed after Trump's new economic adviser Larry Kudlow told CNBC that the president may be open to forming an international coalition to grapple with trade issues involving China.
Investors will look for further signs of China's stance on trade relations when Chinese President Xi Jinping speaks at the Boao Forum economic conference on Tuesday.
The next corporate earnings season kicks off later in the week with financial companies BlackRock, Citigroup, J.P. Morgan Chase and Wells Fargo all scheduled to release their quarterly results.
Merck gained over six percent after a committee determined Keytruda has helped previously untreated lung cancer patients live longer.
Facebook climbed 1.3 percent ahead of CEO Mark Zuckerberg's testimony on Tuesday regarding the data scandal involving firm Cambridge Analytica.
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