The S&P 500 is closing in on its all-time high, and is likely to sail past it, as long as the Fed promises lower interest rates and the trade war calms down.Market Insiderread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
A Bloomberg News report Tuesday morning said the White House had looked at such a move in February.Marketsread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
Stocks surged after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit.US Marketsread more
The move is part of a larger trend that saw the survey's 179 participants move away from risk and toward positions that reflect fear of a coming economic slowdown spurred by a...Marketsread more
Democratic frontrunner Joe Biden on Monday appealed to a billionaire Republican donor for fundraising help in his presidential campaign. But the financier, Trump-supporting...Politicsread more
Facebook and other groups are behind a new programming language for working with the Libra blockchain.Technologyread more
Tesla investors are regaining confidence in a quieter Elon Musk — even as they question the company's ability to hit its production goals for the second quarter.Autosread more
The major Wall Street analysts say Facebook's Project Libra has a bright future.Marketsread more
These are the stocks posting the largest moves midday.Market Insiderread more
(For a live blog on the U.S. stock market, click or type LIVE/ in a news window.)
* Trump scraps tariffs as Mexico vows to tighten borders
* U.S. carmakers, Constellation Brands rise
* United Tech, Raytheon agree to merge; Salesforce to buy Tableau
* Indexes up: Dow 0.3%, S&P 0.5%, Nasdaq 1.1% (Updates to close)
NEW YORK, June 10 (Reuters) - U.S. stocks extended their recent climb on Monday, with the Dow reaching its longest daily winning streak in 13 months after the United States dropped plans to impose tariffs on Mexican goods and a couple of multibillion-dollar deals boosted the market.
Mexico on Friday agreed to step up efforts to stem the flow of Central American migrants after Washington threatened to impose a 5% import tariff on all Mexican goods starting on Monday.
Among major deals, United Technologies Corp agreed to combine its aerospace business with defense contractor Raytheon Co to create a new company worth about $121 billion.
Strategists said the Mexico trade news cheered investors, leaving the S&P 500 about 2% from its early May record high. But they noted indexes ended the session well off the day's highs and feared investors may be trading more on hope than on reality.
"All it is, is a relief rally that we don't have tariffs with Mexico," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
But the U.S.-China trade war is still brewing, and investors may have become too optimistic that the Federal Reserve will come to the rescue with an interest rate cut, he added.
"Heaven forbid the Fed sits on its hands next week and does nothing," Nolte said.
Stocks have been rallying in part on optimism that the Fed would turn more accommodative to blunt the impact of escalating trade tensions.
"There is a risk that the market will be disappointed if the Fed does not signal some type of rate cut," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
The Dow Jones Industrial Average rose 78.74 points, or 0.3%, to 26,062.68, the S&P 500 gained 13.39 points, or 0.47%, to 2,886.73 and the Nasdaq Composite added 81.07 points, or 1.05%, to 7,823.17.
The Dow ended up for a sixth straight session, its longest winning streak since May 2018.
Shares of United Technologies, however, dropped 3.1% after President Donald Trump said he was a "little concerned" about the merger as it could reduce competition in the sector. Raytheon rose 0.7%.
Salesforce.com Inc said it would buy data firm Tableau Software for $15.3 billion. Salesforce.com shares fell 5.3%, while those of Tableau surged 33.7%.
U.S. automakers, which have long built vehicles in Mexico, traded higher, with General Motors Co gaining 1.5%. Corona beer maker Constellation Brands, which has significant Mexico exposure, rose 1.9%.
Advancing issues outnumbered declining ones on the NYSE by a 1.61-to-1 ratio; on Nasdaq, a 1.85-to-1 ratio favored advancers.
The S&P 500 posted 63 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 96 new highs and 57 new lows.
Volume on U.S. exchanges was 6.45 billion shares, compared with the 6.99 billion average for the full session over the last 20 trading days. (Additional reporting by Aparajita Saxena and Shreyashi Sanyal in Bengaluru; Editing by Anil D'Silva, Tom Brown and Dan Grebler)