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US STOCKS-Trade optimism propels S&P 500, Nasdaq to record highs; Apple biggest boost

Published 25/11/2019, 16:50
© Reuters.  US STOCKS-Trade optimism propels S&P 500, Nasdaq to record highs; Apple biggest boost
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* U.S.-China 'very close' to trade deal - report

* Trade-sensitive chip stocks surge

* Tiffany jumps after $16.2 bln buyout offer from LVMH

* TD Ameritrade rises on $26 bln deal with Charles Schwab

* Indexes up: Dow 0.54%, S&P 0.67%, Nasdaq 1.15%

(Updates to open)

By Arjun Panchadar

Nov 25 (Reuters) - Apple Inc and semiconductor stocks

powered the S&P 500 and Nasdaq indexes to record highs on

Monday, after a report signaled that the United States and China

were nearing a trade truce, with sentiment also buoyed by a raft

of mega deals.

Trade-sensitive Intel Corp INTC.O and Applied Materials

Inc AMAT.O helped lift the Philadelphia Semiconductor index

.SOX 2.1% as a Chinese state-backed tabloid said Beijing and

Washington were "very close" to an initial pact. That added to optimism from comments over the weekend by a

top U.S. official that an agreement was still possible by the

end of the year, dispelling fears that the negotiations could

carry on into 2020. "The mood is pretty positive at this point," said Scott

Brown, chief economist at Raymond James in St. Petersburg,

Florida.

"You got mergers today, which are typically positive for the

market, and I think you still have some optimism that there's

going to be a trade deal."

Trade deal hopes and robust third-quarter corporate earnings

have helped Wall Street's main indexes hit record highs this

month.

Gains on Monday were broad-based, with the tech-heavy Nasdaq

.IXIC firming over 1% and 10 of the 11 major S&P 500 sectors

higher. Apple Inc AAPL.O rose 1.3% and was the biggest boost

to all the three main indexes.

At 10:34 a.m. ET, the Dow Jones Industrial Average .DJI

was up 149.97 points, or 0.54%, at 28,025.59, while the S&P 500

.SPX was up 20.90 points, or 0.67%, at 3,131.19. The Nasdaq

Composite was up 98.30 points at 8,618.19.

In M&As, Tiffany & Co TIF.N jumped 6.2% after the luxury

jeweler agreed to a sweetened $16.2 billion deal with France's

LVMH LVMH.PA . U.S. discount brokerage TD Ameritrade Holding Corp AMTD.O

was up 6% after larger rival Charles Schwab Corp SCHW.N said

it would buy the company in an all-stock deal valued at about

$26 billion. Schwab was up about 1.5%.

EBay Inc EBAY.O gained 1.3% after the e-commerce major

said it would sell ticketing unit StubHub to ticket reseller

Viagogo for $4.05 billion in cash. Advancing issues outnumbered decliners by a 3.72-to-1 ratio

on the NYSE and by a 3.69-to-1 ratio on the Nasdaq.

The S&P index recorded 29 new 52-week highs and one new low,

while the Nasdaq recorded 70 new highs and 34 new lows.

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