President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
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* S&P 500 hits new intraday high, crosses 2,940.91
* Financial stocks rise ahead of FOMC meeting
* Consumer spending in March posts biggest gain since 2009
* Indexes up: Dow 0.2%, S&P 500 0.3%, Nasdaq 0.3% (Updates to late afternoon)
NEW YORK, April 29 (Reuters) - U.S. stocks were higher in Monday afternoon trading, with the S&P 500 and the Nasdaq hitting record highs, as consumer spending rose in March and benign inflation data underscored the Federal Reserve's accommodative stance on interest rates.
Hopes of a trade resolution, upbeat earnings and a dovish Fed have been powering a rally in the benchmark index this year. The index crossed its record high of 2,940.91 hit on Sept. 21 for the first time this year, restoring investors' faith in the decade-long bull run.
"It does create pressure to bring more buyers. Today's headline augments the fear of missing out. It's going to make the bears less bearish or more worried they're going to get run over," said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis.
A Commerce Department report showed U.S. consumer spending increased by the most in more than 9-1/2 years in March, but price pressures remained muted, with a key inflation measure posting its smallest annual gain in 14 months.
Tame inflation may lead the central bank to cut interest rates, White House economic adviser Larry Kudlow said in a television interview on Monday.
The Dow Jones Industrial Average rose 44.73 points, or 0.17%, to 26,588.06, the S&P 500 gained 7.69 points, or 0.26%, to 2,947.57 and the Nasdaq Composite added 27.71 points, or 0.34%, to 8,174.11.
Financial shares rose 1.2%, leading gains among the 11 major S&P sectors.
The Fed starts a two-day meeting on Tuesday, at the end of which a decision on interest rates will be announced.
Another busy week of earnings is expected, with results due from Google-parent Alphabet Inc and Apple Inc among other top names.
Analysts now expect profits of S&P 500 companies to have fallen just 0.2% in the first quarter, a sharp improvement from a 2% fall estimated at the beginning of the month, according to IBES data from Refinitiv data.
As trade talks enter their last leg, U.S. negotiators head to China on Tuesday to try to hammer out details to end the protracted tariff spat between the two countries.
"It's really about the administration continuing to hint a trade agreement is near," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
"People don't want to miss out on the expected rally from that news."
The defensive utilities and real estate indexes led the declines among sectors.
Ingersoll-Rand jumped after the Wall Street Journal reported Gardner Denver Holdings Inc is nearing a deal to acquire a unit of the air conditioner maker.
Advancing issues outnumbered declining ones on the NYSE by a 1.83-to-1 ratio; on Nasdaq, a 1.68-to-1 ratio favored advancers.
The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 74 new highs and 21 new lows. (Additional reporting by Shreyashi Sanyal and Amy Caren Daniel in Bengaluru and Sinead Carew in New York; Editing by Arun Koyyur and Tom Brown)